NEW YORK (TheStreet) -- SunPower
(SPWR - Get Report) 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".
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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:
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