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.


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