Q4 Preview: MEMC (WFR) Seeks Improved Semi and Solar Revenues
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Price: $8.07 --0%
Rating Summary:
4 Buy, 5 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
4 Buy, 5 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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MEMC Electronic Materials Inc. (NYSE: WFR) shares are up 27 cents to $11.36 in early market movement on Tuesday heading into the company's fourth-quarter earnings scheduled after the closing bell.
The manufacturer and seller of wafers is expected to report fourth-quarter earnings of $0.34 per share on sales of $900.96 million.
In the third-quarter, MEMC missed the Street with earnings of $0.10 per share, 3 cents better than the analyst estimate. The company also reported revenue of $503.1 million last quarter, missing the Street's view of $531.27 million.
Since the start of the first quarter, shares of MEMC are down $0.66 or 14.63 percent. Over the last year the stock is down $2.36 or 17.33 percent.
A valuation shows that MEMC is going for a forward P/E of 173.21x full year estimates.
Data from Bloomberg shows that 9 analysts have a Buy rating on the stock, 12 have a Hold and 5 have a Sell. The average analyst price target on MEMC is $14 with a target range of $9.50 to $18.
Analyst Ratings Throughout the Quarter:
October 5, RBC Capital upgraded MEMC to Sector Perform.
October 7, Wunderlich Securities upgraded to Hold.
October 20, Deutsche Bank downgraded to Hold.
November 19, Susquehanna initiated coverage at Neutral.
Analyst Comments:
Kaufman Bros. analysts maintain a Buy rating on MEMC with a price target of $13.50 on the stock.
Kaufman Bros. analyst says, "We look for meaningful improvements to semi and solar revenues driven by modest increases to ASPs and volumes. We expect significant improvement from MEMC's subsidary, SunEdison, as the remaining payment for the Rovigo project was completed in December 2010. Our estimates for this piece of the business implies fourth quarter and 2010 installations of 110 MWs and 139 MWs at a module cost of $5.50, but only 25% revenue recognition."
The manufacturer and seller of wafers is expected to report fourth-quarter earnings of $0.34 per share on sales of $900.96 million.
In the third-quarter, MEMC missed the Street with earnings of $0.10 per share, 3 cents better than the analyst estimate. The company also reported revenue of $503.1 million last quarter, missing the Street's view of $531.27 million.
Since the start of the first quarter, shares of MEMC are down $0.66 or 14.63 percent. Over the last year the stock is down $2.36 or 17.33 percent.
A valuation shows that MEMC is going for a forward P/E of 173.21x full year estimates.
Data from Bloomberg shows that 9 analysts have a Buy rating on the stock, 12 have a Hold and 5 have a Sell. The average analyst price target on MEMC is $14 with a target range of $9.50 to $18.
Analyst Ratings Throughout the Quarter:
October 5, RBC Capital upgraded MEMC to Sector Perform.
October 7, Wunderlich Securities upgraded to Hold.
October 20, Deutsche Bank downgraded to Hold.
November 19, Susquehanna initiated coverage at Neutral.
Analyst Comments:
Kaufman Bros. analysts maintain a Buy rating on MEMC with a price target of $13.50 on the stock.
Kaufman Bros. analyst says, "We look for meaningful improvements to semi and solar revenues driven by modest increases to ASPs and volumes. We expect significant improvement from MEMC's subsidary, SunEdison, as the remaining payment for the Rovigo project was completed in December 2010. Our estimates for this piece of the business implies fourth quarter and 2010 installations of 110 MWs and 139 MWs at a module cost of $5.50, but only 25% revenue recognition."
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