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Benzinga
Benzinga
Business
Anusuya Lahiri

Why SunPower Shares Are Trading Higher Premarket Today?

  • Solar installer SunPower Corp (NASDAQ:SPWR) is in advanced discussions regarding a potential sale of its commercial and industrial solutions (CIS) business, PV Tech reports. 
  • SunPower confirmed it would pursue a sale, seeking to finalize discussions as early as Q1 2022.
  • SunPower looks to heighten its focus on the residential sector.
  • The sale will help optimize SunPower’s capital deployment while also enabling CIS to take better advantage of community solar and front-of-meter storage opportunities.
  • SunPower CEO Peter Faricy said that with the right partner, CIS would have the opportunity to fight climate change on a larger scale. “The potential buyer shares CIS’ strategic and financial goals as a champion of affordable, reliable, and clean energy solutions with the expertise, balance sheet, and capital resources appropriate for large-scale solar and storage projects,” he said.
  • Analyst Rating: Raymond James analyst Pavel Molchanov upgraded SunPower from Market Perform to Outperform with a $26 price target, implying a 20.7% upside.
  • Price Action: SPWR shares traded higher by 4.08% at $22.43 in the premarket session on the last check Tuesday.
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