SunPower Corporation (NASDAQ:SPWR) shares are trading lower Friday after Guggenheim analyst Joseph Osha downgraded the stock from Neutral to Sell and announced a $1 price target.
The Details:
Guggenheim sees SunPower’s new financing deal as very dilutive to shareholders and pointed to it as the key factor in its downgrade.
SunPower announced the $175 million in new capital financing from TotalEnergies and Global Infrastructure Partners on Thursday. The $175 million term loan includes $45 million previously funded to the company in December and January, $80 million in new investment and a $50 million second tranche that is available to be borrowed upon the satisfaction of certain conditions.
The company also released its fourth-quarter financial results on Thursday. SunPower announced fourth-quarter losses of 51 cents ...