Jefferies Cuts Price Target, Estimates on MEMC Electronic (WFR)

Jefferies lowered its price target on Underperform-rated MEMC Electronic Materials (NYSE: WFR) from $6.00 to $5.00.

After adding back the $0.25/share goodwill write-down, EPS still missed street expectation by a wide margin, the firm notes. The company also lowered guidance and warned about potential write-downs.

"We are unable to determine a value entry point given lack of disclosure around the project pipeline, possible additional write-downs, dilutive offerings, and potential management change in our opinion," the analyst stated.

Q4 EPS estimates go from ($0.03) to ($0.15), FY11 from $0.20 to ($0.37), FY12 from ($0.12) to ($0.15).

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 $5.78 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Cummins (CMI) PT Lowered to $675 at Jefferies
• Mizuho Reiterates Outperform Rating on Broadcom Limited (AVGO) Into EPS
• Revolution (RVMD) PT Raised to $179 at Bernstein SocGen Group