On Wednesday, SunPower Corporation (NASDAQ:SPWR) announced that it landed a milestone solar supply deal. As a joint venture in Inner Mongolia, China, SunPower will deliver more than 70MW of cell packages to the Huaxia Concentrated Photovoltaic Power Co., Ltd. As stated by SunPower’s president and CEO, Tom Werner, “This is the first step in our aggressive efforts to break into the Chinese market.” Analysts are excited about the company’s new ventures, and top analysts are recommending BUY SunPower with confidence.

SunPower

Robert W. Baird analyst Ben Kallo reiterated his BUY rating and raised his price target from $38 to $42. After meeting with management Ben reported, “We believe SunPower Corporation (NASDAQ:SPWR) is well positioned to move into new markets and are increasingly confident in our 2015 estimates. We are expanding our multiple based several upcoming catalysts, including continued cost reductions and fab 4 completion, new project announcements, and potential issuance of an ABS and/or a yieldco.” Ben continued to proclaim that “SunPower remains our favorite long-term solar investment.” Ben has an +11.9% average return over S&P-500 and a 79% success rate of recommendations.

Ben has experienced success before in his February 2014 recommendation of SunPower Corporation (NASDAQ:SPWR). In that recommendation, he stated that the company was going to report “strong” fourth-quarter earnings and recommended BUY SunPower with a $38 price target. He expected revenues of $728 million and profits of $33.5 million and ended up earning +1.1% over S&P 500 (INDEXSP:.INX).

Fellow Robert W. Baird analyst, Tyler Frank, agreed with Ben and recommended BUY SunPower Corporation (NASDAQ:SPWR) as well. Tyler sees plausible entry points in Mexico, South America, some parts of Africa and China, to grow the business and believes that the company’s current partnership with Total “is enabling it to expand its presence in international markets” and Tyler expects “the listed markets to meaningfully contribute to Sunpower’s business over the next one to three years.” Tyler also expects to see, “ solid revenue through next year,” because it is expected that demand will continue to outpace production. Tyler has a +9.6% average return over S&P-500 and a 50% success rate of recommendations.

Tyler has also seen success before in the solar industry, also recommending BUY First Solar, Inc. (NASDAQ:FSLR) earlier in 2014. Tyler said he views, ”the company as a ‘best in breed’ due to its leadership in building utility scale solar, continued cost/efficiency improvement in technology, and its balance sheet which should provide growth optionality moving forward.” This recommendation earned Tyler +25.8% over S&P-500.

To continue following these analysts as SunPower Corporation (NASDAQ:SPWR) continues to expand internationally, download TipRanks and start making informed decisions with advice you can trust.