SunPower Stock Plummets as Guggenheim Analyst Says Stock Is Worthless
- Price target cut to zero in ‘sad end for an industry pioneer’
- SunPower informed dealers lease and shipment halts Thursday
Workers install solar panels during a SunPower installation on a home in Napa, California.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
SunPower Corp. shares plunged 42% on Friday as Guggenheim Securities cut the solar equipment firm’s price target to zero and said the stock may soon be delisted.
“The company is entering a wind-down process that will likely end in the sale of the company’s remaining assets and the delisting of the equity,” Guggenheim analyst Joseph Osha wrote in a research note Friday, in which he cut the price target on the stock to zero from $1. He called it a “sad end for an industry pioneer.”