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Investing.com - Complete Solaria (NASDAQ:SPWR) received an Outperform rating initiation from Northland on Monday, with a price target of $3.00, representing a significant upside from the current price of $1.50. According to InvestingPro data, the company maintains a healthy gross profit margin of 40.65%.
Northland cited U.S. policy shifts that are eliminating utility-scale renewable development while electricity demand accelerates, creating a favorable environment for residential solar as power prices rise. The company’s revenue is forecast to grow by 1.3% this year.
The firm noted that after filing for Chapter 11 in August 2024, certain assets of SunPower were acquired by Complete Solaria, with the combined entity adopting the SunPower name and reducing headcount from 3,500 to approximately 900 employees.
Northland highlighted that SPWR achieved non-GAAP positive operating income in the first two quarters following the combination and expects the company to continue consolidating residential installers to drive scale.
The research firm also pointed to the recovery of SPWR’s new homes business after the bankruptcy filing, which it described as a higher-margin segment that "bodes well for stabilizing revenue next year as ITC for cash buyers rolls off." Based on InvestingPro’s Fair Value analysis, the stock currently appears undervalued, with additional insights available in the comprehensive Pro Research Report.
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