AmTech Cuts Price Target on MEMC (WFR) to $36; Maintains Buy
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American Technology Research lowers its price target on MEMC Electronic Materials (NYSE: WFR) from $46 to $36. The firm maintains its Buy rating.
The firm said its price target reduction on MEMC is due to a cut in AmTech's semi unit and average selling price estimates following "negative pre-announcements from Intel (Nasdaq: INTC) and National Semiconductor (NYSE: NSM), as well as a rather bleak outlook from Applied Materials (Nasdaq: AMAT)..."
AmTech cut its Q4 EPS estimate on MEMC from $0.93 to $0.88 and its FY09 estimate from $4.58 to $3.58. The Street is currently anticipating Q4 EPS of $0.94 and FY09 EPS of $4.16.
The firm said its new price target on MEMC is based on 10x its new FY09 EPS estimate of $3.58.
Shares of MEMC are currently down 4.5% today, trading most recently around $14.34.
MEMC Electronic Materials, Inc. designs, manufactures, and sells silicon wafers for the semiconductor industry worldwide.
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