Friday, May 28, 2010

Citigroup (NYSE:C) Upgrades SunPower (Nasdaq:SPWRA)

SunPower (Nasdaq:SPWRA) enjoyed another upgrade today, this time from Citigroup (NYSE:C), as an analyst from the giant bank now rates SunPower a "Hold" from a "Sell."

This comes on the heels of an upgrade from Macquarie yesterday, which drove the stock up by 22 percent on Thursday.

Even so, traders couldn't resist taking profits, and even with the additional upgrade has fallen by $0.35 or 2.65% to $12.85 a share as of 2:52 p.m. EDT.

The price target for SunPower was also raised by Citigroup to $15 over the next 12 months.

Recent financing for its Montalto di Castro Solar park to the tune of €44.5 is the main impetus behind the upgrades.

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