Goldman Sachs Upgrades MEMC Electronic Materials (WFR) to Neutral

Goldman Sachs upgraded MEMC Electronic Materials (NYSE: WFR) from Sell to Neutral, but cut its 6-month price target from $11 to $10.

The firm said they see more balanced risk/reward following recent underperformance.

"We continue to view MEMC as a capital-intensive business with a constrained returns profile vs. peers. And we believe a back-half-weighted 2011 earnings cadence heightens execution risk," the firm said.

Goldman maintained 2011E/2012E/2013E EPS of $0.95/$1.05/$1.10, which are below consensus of $1.03/$1.35/$1.77 and the company’s 2011 targeted EPS range of $1.00-$1.30

For more ratings news on MEMC Electronic Materials click here and for the rating history of MEMC Electronic Materials click here.

Shares of MEMC Electronic Materials closed at $8.67 yesterday.

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