Roth Capital Partners analyst Philip Shen doesn’t see much upside to solar energy company SunPower Corp (SunPower Corp Stock Quote, Charts, News, Analysts, Financials NASDAQ:SPWR), retaining a “Neutral” rating and $23.00 target on the stock in a Monday note to clients. Roth Capital announced it will host a webinar with SunPower CEO Peter Faricy and Vice President of Investor Relations Mike Weinstein on December 5, with the topics to be covered including the company’s outlook in 2023 for its residential business, SunPower’s relationship with Maxeon Solar Tech, the potential for additional dealer growth and the potential for more acquisitions by SPWR. Richmond, California-based SunPower sells solar products and systems to residential and small commercial customers in the US and Canadian markets and has a financing business, operating as a loan originator for loan-financed sales and a lease originator and operator for lease-financed sales. The company sells through a network of dealers as well as directly to large commercial customers. The $4-billion market cap SunPower hit its peak in early 2021 with the rest of the renewable energy stocks but has trailed off since. SPWR’s 52-week high was set a year ago at $29.76 and the stock has gone as low as $13.72. SunPower currently trading around the $20-$25 range. The company has announced a number of collaborations of late, including a partnership with General Motors announced last month to develop a home energy system to allow for GM electric vehicles to provide backup power to homes. GM has also named SunPower as a preferred EV charger installation provider and the carmaker’s exclusive solar provider. In September, SunPower announced a collaboration with IKEA US to make home solar solutions accessible to IKEA customers, currently restricted to select regions in California. SunPower is showing continued customer growth, hitting a record 23,000 customers for its third quarter 2022, delivered earlier in November. The company posted Q3 revenue from continuing operations of $475.7 million compared to $283.3 million a year earlier and compared to $417.8 million for the previous quarter. Adjusted EBITDA was $32.6 million compared to $26.3 million a year earlier and $15.2 million for the Q2 2022. (All figures in US dollars.) Management reiterated in the Q3 comments its full-year adjusted EBITDA guidance of $90-110 million. “Our strategy is working: with our focus on providing a world-class customer experience and industry-leading products, coupled with the right financing options, we are driving strong market share gains and a significant backlog that we believe will benefit us well into 2023," said Peter Faricy, CEO of SunPower, in a press release. For his part, Shen is expecting full 2022 revenue and EBITDA of $1,689.7 million and $97.9 million, respectively, and 2023 revenue and EBITDA of $2,050.5 million and $168.2 million, respectively. At the time of publication, Shen’s $23.00 target represented a projected one-year return of negative five per cent.