The analyst views the weakness in the solar stock, down by more than 45% this year, as 'excessive.'
It's time to buy the recent weakness in SunPower , Raymond James said. Analyst Pavel Molchanov upgraded the solar energy company to strong buy form outperform, saying concerns over the firm's exposure to California are overdone given the underpenetrated U.S. residential solar market.
The selloff is driven in part by the firm's exposure to California, which earlier this year passed NEM 3.0. It's a net metering policy that some criticize for lowering the overall savings for residential solar, even as it was designed in part to create a more resilient power grid. However, the analyst pointed out the poor adoption of rooftop solar in the U.S., which is significantly behind the roughly 15% adoption in Germany, and the 25% rate of adoption in Australia.
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