What happened
A steep price-target cut wounded SunPower (SPWR 1.38%) stock over the past few trading days. The company particularly took it on the chin the day the reduction was enacted. All in all, the company’s market value slumped by 9% over the course of the week, according to data compiled by S&P Global Market Intelligence.
So what
The analyst doing the cutting was Andrew Percoco of influential investment bank Morgan Stanley (MS 1.29%). Before market open Wednesday, Percoco sliced his SunPower price target to $8 per share, far down from his preceding level of $17. In doing so, he maintained his equalweight (read: hold) recommendation on the solar energy stock.
It wasn’t apparent why the analyst reduced his price target and why he did so to such a degree. However, it’s likely no coincidence that the move comes barely a month after SunPower released its latest set of quarterly…
