Price Target Increase On MEMC Electronic Materials

Jefferies & Company is raising its price target on Suntech Power Holdings (NYSE: WFR) from $10.00 to $11.00 a share.In its research report, Jefferies & Company writes, "As a leading polysilicon supplier we believe WFR will have higher than previously expected ASPs through 2011. We adjust our model based on data points from meetings throughout Europe and Asia over the past few weeks.We reiterate our Hold rating and raise our PT to $11 from $10 on higher wafer ASPs in 2011.We adjust our model based on data points from the solar supply chain throughout Europe and Asia. We met several WFR wafercustomers in recent weeks. As a result we raise our 2011 revenue and EPS estimates on stronger wafer ASPs and constrained poly supply throughout the industry. We believe: 1) contracted poly prices remain firm with increases in spot pricing; 2) all major waferand poly suppliers are sold out through 2011 and into 2012; and 3)WFR is executing well on its SunEdison pipeline after procuring supply from JASO."WFR shares closed Wednesday at $11.93