Take a look at SunPower Corp. (SPWR).
After slipping from about $27.50 to $16.82, the solar stock just caught double bottom support. It’s also wildly oversold on RSI, MACD, and Williams’ %R. From a current price of $16.82, we’d like to see the stock again challenge $27.50, near-term.
Also, SPWR was just initiated with a positive rating at Susquehanna.
As noted by TheFly.com: Susquehanna analyst Biju Perincheril initiated coverage of SunPower with a Positive rating and $25 price target. Despite “near-term frictions” from higher equipment and financing costs, supply chain constraints, and utility interconnection delays, residential solar demand “remains very strong.” The analyst thinks the risk/reward in residential solar installation names “looks attractive” with the recent weakness and Inflation Reduction Act “tailwinds for the sector.” He expects SunPower’s residential systems and component sales to grow at nearly two-times0 the market over the next three years.
SPWR last traded at $16.82 on a volume spike to 4.04 million shares, as compared to daily average volume of 3.53 million shares.