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Citigroup Reiterates Buy Rating, $54.0 PT on MEMC Electronic Materials on Solid 4Q12 Beat

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In a report published Wednesday, Citigroup reiterated its Buy rating and $5.40 price target on MEMC Electronic Materials (NYSE: WFR).

Citigroup noted, “MEMC reported Q4 2012 top/bottom line results ahead of Citi and Consensus estimates. For current quarter, Non GAAP revenue/EPS was $704.3mm/$0.08 versus Citi at $597mm/$0.01 and Consensus estimate of $667mm/$0.02. Overall, solid ending despite a still challenging operating environment. We look ahead to analyst conference in March. Management will hold an analyst conference on March 13th to discuss the overall strategy going forward. Besides, 2013 guidance, we expect more visibility around the Semi business and more importantly, enhanced disclosures around the SunEdison downstream business – the real growth driver of the story in our view.”

MEMC Electronic Materials closed on Tuesday at $4.50.

Latest Ratings for WFR

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

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Posted-In: CitigroupAnalyst Color Reiteration Analyst Ratings

 

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