2024-01-04 18:26:38 ET
After enjoying a pleasant pop in its share price at the end of 2023, solar company SunPower (NASDAQ: SPWR) is experiencing a dimmer 2024. Its share price cratered by 10% on Thursday after an analyst downgraded his rating on the stock. That decline was far steeper than the S&P 500 index's 0.3% dip for the session.
Well before the market opened, Raymond James Financial 's Pavel Molchanov changed his recommendation on SunPower stock to market perform -- hold, in other words -- from his previous rating of outperform (buy).
That was only the latest in a series of bearish adjustments from analysts. In mid-December, for example, in a reset of its solar energy stock takes, Goldman Sachs downgraded SunPower from neutral to sell. Also, Piper Sandler 's Kashy Harrison lowered his price target on the stock from $5 to $4, although he maintained his neutral rating.
For further details see:
Why SunPower Stock Plummeted by 10% on Thursday