Citi Defends MEMC (WFR) Following Closing of Merano Plant, Says Buy Shares

Shares of MEMC Electronic Materials (NYSE: WFR) spiked higher around 2:30pm ET, possibly on the heels of a research note from Citi's Tim Arcuri. The stock is currently up 2.6 percent.

Shares opened this morning's session down almost 7 percent following news of a restructuring and updated guidance.

Arcuri told Citi clients to buy the stock amid news of the closing of MEMC's Merano polysilicon plant as the move decouples the company's earnings from further declines in solar wafer pricing.

Citi maintains a Buy rating and $10 price target on shares of MEMC.

Visit our Analyst Ratings page to track all the market-moving analyst action on shares of MEMC.

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