SunPower Corp.’s shares SPWR, +8.19% shot up about 12% in premarket trading on Wednesday after Raymond James analyst Pavel Molchanov reclassified the stock from outperform to strong buy. Molchanov stated that California’s NEM 4.0 net-metering is a negative but it does not alter the “underlying reality” of rising penetration. He sees growth opportunities in the residential market. Molchanov writes that 4% of U.S. single-family houses have rooftop solar. This compares with 15% in Germany, and a global high of 25 percent in Australia. Molchanov wrote that “all of these numbers will grow over time but the U.S. has plenty of room to catch-up with what’s happening overseas.” SunPower share prices are down 47% this year. Molchanov and his team see the current underperformance as an opportunity.