SunPower price target lowered to $4 from $5 at Mizuho

Mizuho lowered the firm’s price target on SunPower to $4 from $5 and keeps a Neutral rating on the shares. The firm’s Q1 clean energy estimates are mostly in line with company guidance and consensus, saying most companies reset expectations on the Q4 earnings call and had good visibility for the quarter. The analyst says Mizuho’s most significant change in its quarterly preview is regarding Q2 results for the residential solar and inverter names. The firm expects Q2 installs to be down quarter-over-quarter verses consensus assuming a Q1 trough, based on permitting data which show Q2 MWs down 7% quarter-over-quarter. Mizuho’s sector preference for utility solar over residential solar is unchanged.