SunPower (SPWR) Slides 11% on Weak Solar Outlook

SunPower (SPWR) fell around 11% today as the stock was initiated at Underweight by a Wells Fargo analyst. The reason behind the weak outlook is unsupported U.S. solar policies and a slowing housing market.

“SunPower’s business is mostly direct sales, which we view as more sensitive to the economic environment given the large upfront cost of purchasing a solar rooftop system,” the analyst said.

The PRISM Solar Index fell 5.6% for the day, the lowest performer of all the PRISM indexes.

SunPower is a leading solar and energy services provider in North America. SunPower offers the only solar + storage solution designed and warranted by one company that gives customers control over electricity consumption and resiliency during power outages while providing cost savings. For more information, visit www.sunpower.com.