Citi Maintains 'Hold' Rating on MEMC Electronic Materials (WFR), Drops Price Target
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Citi maintains a 'Hold' rating on MEMC Electronic Materials Inc (NYSE: WFR). Price target $85 to $64.
Citi analyst says, "Maintain relatively cautious view (Street broadly Buy) given what we see could be some risk around this Q against Street largely expecting in-line/inline. So, while the stock appears to be finally discounting much of our long-held poly supply concerns, we would rather not get aggressive quite yet. That said, we would look to get more aggressive post-Q on any material weakness into the $40’s. Maintain Hold (2H), but cut tgt to $64 on unchanged sum-of-parts ($37 solar/$27 semi) against lower comp multiples + estimates."
MEMC Electronic Materials, Inc. is engaged in the design, manufacture and sale of silicon wafers.
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