Analysts Falling Over Each Other to Downgrade SunPower (SPWRA) Following Accounting Investigation

Following news last night that an internal review of SunPower's (Nasdaq: SPWRA) Philippine manufacturing operations has shown that there may have been unsubstantiated accounting entries made in the first three quarters of 2009, we have a litany of analysts out today lowering their estimates and ratings on the stock.

Shares of SunPower have tumbled more than 18% today and, just about a half hour before the closing bell, the stock is trading around $22.11.

Below is a summary of today's analyst action:

• Piper Jaffray downgraded the stock from Overweight to Neutral and cut its price target from $38 to $31
  
• FBR Capital cut its rating from Outperform to Market Perform, also lowering its target from $38 to $30
  
• Caris & Co. downgraded shares from Above Average to Below Average
  
• Raymond James downgraded the stock from Outperform to Market Perform
  
• Merriman Curhan Ford downgraded shares of SunPower two-notches from Buy to Sell

Notably, one analyst is out -- certainly going against the grain -- with an upgrade on the beaten-down stock: Soleil lifted its investment rating from Sell to Hold while maintaining a $21 price target.

UPDATE: We've had another analyst come out with a note in defense of SunPower; Kaufman reiterated its Buy rating and $36 price target and said today's sell-off "looks overdone".

You May Also Be Interested In