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UPDATE: Citigroup Initiates MEMC Electronic Materials at Buy on Wafer Pricing Outlook

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Citigroup initiated MEMC Electronic Materials (NYSE: WFR) with a Buy rating and a $5.40 price target.

Citigroup commented, "Our favorable outlook on WFR shares is predicated on: (1) solid growth prospects at SunEdison – WFR's tech agonistic project development solar business and (2) demand/pricing improvement in the semi 300mm wafer segment in 2013 as highlighted by Citi Analyst Takao Kanai. That said, the solar segment is the key area of growth for us. With our favorable sector tilt towards downstream players in the solar space (vs. upstream manufacturers), we believe SunEdison is well positioned to capitalize on emerging growth opportunities in the US and oversees sustainable markets."

MEMC Electronic Materials closed at $4.22 on Tuesday.

Latest Ratings for WFR

DateFirmActionFromTo
May 2013Goldman SachsUpgradesBuyConviction Buy
Mar 2013JefferiesMaintainsHold
Mar 2013JefferiesMaintainsHold

View More Analyst Ratings for WFR
View the Latest Analyst Ratings

Posted-In: CitigroupAnalyst Color Initiation Analyst Ratings

 

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