SunPower Corporation (NASDAQ: SPWR) Stock Weekly Chart
SunPower (SPWR) soared 22% on Tuesday after Goldman Sachs upgraded the stock to “buy”.
We have been positive on this stock, with our analysis suggesting bullish patterns.
Goldman Sachs stock analyst Brian Lee changed his recommendation on SunPower from neutral to buy. He also nearly doubled his price target from $6 to $11. He actually noted multiple residential solar stocks on which he is bullish.
Lee said that, “We are incrementally positive on US residential solar stocks and see a number of tactically attractive buying opportunities ahead of 2H19 volume tailwinds and amidst recent signs of ongoing strength in the financing environment.”
Our analysis focuses on the market cycles for SunPower’s stock price – SPWR.
We believe the stock is still in the rising phase of its current cycle, but is nearing a resistance zone. Our target for SPWR is $10.50.
For more from Slim, or to learn about cycle analysis, check out the askSlim Market Week show every Friday on our YouTube channel.
Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.