DBS Group Research analysts Woon Bing Yong and Ling Lee Keng have downgraded Sunpower Group Ltd to “hold” from “buy” with an unchanged target price of 92 cents (ex-special dividend target price of 68 cents).

“Sunpower is currently trading at a forward price-to-earnings (P/E) of 10.7 times while our target price implies a forward P/E of 11.9 times which is between Sunpower’s 5-year +1 standard deviation (s.d.) and mean forward P/E,” they write in a May 18 report.

Since the analysts’ previous upgrade on the counter, Sunpower’s share price has gained over 40% and upside from Woon and Ling’s estimated target price may be capped in the near term, as the counter awaits new catalysts.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook