UPDATE: SunPower Shares Blaze 40% Near High on Deal Momentum, Analyst Upgrade
Shares of SunPower ( SPWR ) are notching large gains for the second day in a row following the company's announcement yesterday that MidAmerican Solar, a subsidiary of MidAmerican Renewables, bought SunPower's 579-megawatt Antelope Valley Solar Projects (AVSP), two co-located projects in Kern and Los Angeles Counties in Calif. Together, the combined projects will form the largest permitted solar photovoltaic power development in the world and will create an estimated 650 jobs during construction.
Earlier today, SPWR shares were upgraded to Buy from Neutral at Lazard, with an $11 price target.
SPWR is up 41.0% at $8.64, trading in a 52-week range of $3.71 - $9.54. Shares have increased 34% in the last 12 months.