Morgan Stanley cuts Maxeon Solar to Underweight on Europe competition

Morgan Stanley downgraded Maxeon Solar (MAXN) to Underweight from Equal Weight with an unchanged price target of $4. The firm also reduced its industry view on clean technology to In-Line from Attractive, saying there is an added level of uncertainty in the market as to how the policy environment for renewables will change under the newly elected administration. The analyst cites strong competition in Europe from low-cost suppliers, key customer attrition in the U.S. residential solar market, and an increasingly uncertain path for Department of Energy funding for its U.S. manufacturing facility for the downgrade of Maxeon Solar.