Jefferies Upgrades MEMC Electronic Materials (WFR) to Hold, Sees Limited Downside After "Kitchen Sink" Q4

Jefferies upgraded MEMC Electronic Materials (NYSE: WFR) from Sell to Hold with a price target of $4.50 (up from $3.50) following a Q4 GAAP loss of ($6.44), at the low end of its pre-released range of ($6.50)-($5.78).

The firm comments, "The company is not giving revenue or EPS guidance for 2012. But with $1.18B ($5.13 per share) restructuring and impairment charges, we believe there is limited downside to the stock. In all MEMC has taken measures to lower the losses in the semi and materials business, and guided to 400MW+ project sales in 2012."

Jefferies cut Q1 EPS from ($0.06) to ($0.18), cut FY12 from ($0.24) to ($0.64) and raised FY13 from ($0.17) to ($0.05).

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 $4.65 yesterday.

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