Sunworks price target raised to $35 from $1.20 at Roth MKM

Roth MKM raised the firm’s price target on Sunworks to $35 from $1.20 and keeps a Neutral rating on the shares. The company’s Q3 earnings miss reflected continued weak demand in the residential business, the analyst tells investors in a research note. Sunworks continues to struggle with fixed-cost absorption, and while management is taking steps to significantly reduce costs, including targeted spending, exiting underperforming markets, and “several rounds” of reductions-in-force, liquidity remains the primary concern, Roth MKM added.