NEW YORK (TheStreet) -- SunPower
(SPWR) shares are down -3.62% to $35.40 on Friday following the release of its second quarter earnings results that showed a year over year drop in profits.
The silicon photovalic cell manufacturer reported a decline in earnings to 28 cents per diluted share that still beat analysts estimates by 2 cents, while revenue of $621.1 million also beat expectations of $596 million.
Despite the negative investor reaction, analysts at RBC upped its price target to $36 from $35, and analysts at Brean Capital upgraded their rating to "buy" from "hold".
Must Read: Warren Buffett's 25 Favorite Stocks
The analysts upgrades were in response to the company's announcement that it is planning a new factory that will increase production capacity by 50% from current levels.
The factory is expected to start production in 2017.
TheStreet Ratings team rates SUNPOWER CORP as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts