SunPower (NASDAQ:SPWR) stock is on the move Wednesday as one analyst predicts the company’s shares could more than double in value!
Raymond James analyst Pavel Molchanov is behind that claim as he holds a price target of $21 per share for the company stock. That represents a potential 120.6% upside compared to the company’s prior closing price. It’s also above the analysts’ consensus price target of $17.82 per share.
And the Raymond James analyst is bullish with his rating of SPWR stock as well. He just upgraded the shares from an “outperform” rating to a “strong buy” rating. To put that in perspective, the analysts’ consensus rating for SPWR is “hold” based on 23 opinions.
Why The Bullish SPWR Stock Upgrade?
Molchanov believes that recent weakness in SunPower stock makes now a good time to buy the company’s shares. He explains why in a note to clients obtained by CNBC.
“The only real concern about SunPower specifically is its above-average exposure to California: the state accounted for half of SunPower’s customer additions in 2022. This overweight to California has not impeded SunPower from continuing to grow in 2023, having guided to 90,000-110,000 incremental customers, up 20% y/y. Even if the increase ends up being only 10%, it would still be ahead of the U.S. market overall.”
With this upgrade comes some 4.5 million shares of SPWR stock changing hands. That’s quickly closing in on its daily average trading volume of about 5.1 million shares. It also has the company’s stock up 5.8% as of Wednesday morning.
Investors seeking out even more of the most recent stock market coverage will want to continue reading!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
