Pacific Crest’s Mark Bachman upgraded SunPower (Nasdaq:SPWRA) this morning and his price target to $29, noting that “the recent accounting debacle has created a unique buying opportunity.”
· Believes the stock assumes a lower margin profile on future revenue, with expectations of about 20% GMs going forward
· Thinks SunPower will “likely wrap good news around the results of its accounting investigation” and has based 2011 estimates on the prospect of projects yet to be announced crystallizing
· Substantial growth in systems is projected in 2010 and 2011
· In terms of FY09 results, expects EPS to fall below midpoint guidance at $1.20, with GM at 20.8%, which could lower EPS estimate for the year by $0.12 to $1.03 from $1.15...