Soleil Securities Downgrades MEMC Electronic Materials (WFR) to Hold
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Soleil Securities downgrades MEMC Electronic Materials (NYSE: WFR) from Buy to Hold, citing the loss of pricing power in all 3 lines of business as the polysilicon shortage comes to an end and the specter of volume losses looms.
The firm lowered 2009 EPS estimates from $1.03 to $0.33 and 2010 from $1.27 to $1.20.
Analyst Paul Leming of Princeton Tech Research said, "We believe that the loss of pricing power throughout the company's operations and the issues facing the company on volumes in both semiconductor-grade silicon wafers (market share loss) and solar wafers (customers walking away from contracts) will cause the company's earnings to persistently disappoint relative to Wall Street's expectations."
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