(Times Of Update) — Shares of SunPower Corp. fell 42% on Friday as Guggenheim Securities cut its price target on the solar equipment company to zero and said the stock could soon be delisted.
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“The company is entering a liquidation process that will likely culminate in the sale of the company’s remaining assets and the delisting of its shares,” Guggenheim analyst Joseph Osha wrote in a research note Friday, in which he cut his stock price target from $1 to zero. He called the move “a sad end for an industry pioneer.”
SunPower fell below $1 on Friday to trade at an all-time low of 88 cents a share, extending its three-day rout to more than 65%. The company told brokers on Wednesday it would halt new deliveries and leasing, prompting firms including Piper Sandler and Evercore ISI to suspend coverage of the stock.
“Given the debt the company has accumulated, we believe SPWR’s equity is no longer valuable, and our price target is now $0,” analysts Osha and Hilary Cauley wrote in the note.
SunPower did not immediately respond to a request for comment.
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