TECH - Goldman Sachs Still Likes Solar Stocks Despite SunPower Collapse Fears: Upgrades ENPH CSIQ | Benzinga
Solar power stocks were coming under selling pressure on Monday, although a couple of names managed gains after Goldman Sachs upgrades. But SunPower tumbled after warning it was in danger of collapse.
SunPower Corp (NASDAQ:SPWR) shares shed 35% to $4 after the company warned that there were substantial doubts about its ability to continue after it breached terms of a financial covenant agreement and added it would need to raise additional capital.
Goldman Sachs downgraded the stock in a sectoral coverage note to its clients. Lowering its rating to Sell and its price target to $4, the firm said: “We downgrade SPWR to Sell as the company works through a tough backdrop of uncertain supply chain, financing and operational challenges.”
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