Wednesday, October 6, 2010

Bank of America (NYSE:BAC) Upgrades SunPower (Nasdaq:SPWRA) to "Neutral"

SunPower (Nasdaq:SPWRA) upgraded by Bank of America (NYSE:BAC) from "Underperform" to "Neutral."

The solar industry has garnered a lot of interest lately, and it's hard to see what the hype is about, other than an attempt to take advantage of the temporary anger at BP (NYSE:BP), and by extension the oil industry. That has allowed companies like get a lot of financial press, and along with that numerous ratings changes.

Analyst Steven Millunovich said in a note, “While the company still suffers from high-cost panels and negative free cash flow, an improved industry outlook along with a solid project pipeline seem to indicate the worst is over.”

Concerning the solar sector, Millunovich added, “The industry backdrop has improved with demand visibility into the first half of 2011.” SunPower should "maintain a premium” he concluded, based on sold China pricing in the $1.60-$1.65/watt range.

Although demand has increased, this is still an industry to be very cautious over, as pricing and margins is still a huge factor, and a number of solar companies are pushing ahead to gain market share even in light of potentially heavy losses.

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