Needham & Company Maintains a 'Hold' on MEMC Electronic Materials (WFR); Broad-based Restructuring to Shed Non-Competitive Operations

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

Needham analyst said, "Yesterday WFR announced a restructuring plan across all segments through headcount reductions and productivity initiatives, and updated 4Q11 guidance. We see the company’s efforts to streamline its business as essential as we believe the downturns in both semi wafer and solar industries are more secular than cyclical, and MEMC’s less than competitive cost structure along its own value chain. We believe near-term weakness in both sectors will continue to limit share price, and we recommend investors remain defensive until more consistent earnings growth returns...We adjust our 2011 non-GAAP EPS estimate to $0.44 from $0.24 and 2012 to $0.51 from $0.55."

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 $4.20 yesterday.

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