Needham & Company maintains a 'Hold' on MEMC Electronic (WFR); Negative Preannouncement Due to Timing of System Revenue; Lower Guidance, Again

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WFR Hot Sheet

Rating Summary:
6 Buy, 8 Hold, 3 Sell

Rating Trend:

Up

Today's Overall Ratings:
Up: 20 | Down: 11 | New: 38

Needham & Company maintains a 'Hold' on MEMC Electronic Materials (NYSE: WFR).

Needham analyst says, "WFR again reduced 4Q11 non-GAAP guidance due to additional delays of SunEdison system revenue and lower than expected system interconnection. We believe SunEdison continues to make progress, but growth could be limited by increased leverage of WFR's balance sheet. Given near-term challenges in the solar sector, ongoing restructuring and MEMC's relatively high cost structure, we recommend investors remain defensive on the name until more consistent earnings growth returns."

"We adjust our 2011 non-GAAP EPS estimate to $0.25 from $0.44 and 2012 to $0.49 from $0.51."

For an analyst ratings summary and ratings history on MEMC Electronic Materials click here. For more ratings news on MEMC Electronic Materials click here.

Shares of MEMC Electronic Materials closed at $4.92 yesterday, with a 52 week range of $3.65-$15.04.

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