UPDATE: Jefferies Lowers PT to $5 on MEMC Electronic Materials

A report from Jefferies reiterates its Underperform rating and lowers its price target from $6 to $5 on MEMC Electron Materials (NSYE: WFR).

The report states, “After adding back the $0.25/share goodwill write-down, MEMC's PF EPS still missed street expectation by a wide margin. The company guided down 4Q11 PF EPS by $0.30 and warned about additional 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."

WFR closed yesterday at $5.78.