UPDATE: Stifel Nicolaus Downgrades MEMC Electronic Materials to Hold

Stifel Nicolaus is out with its report today on MEMC Electronic Materials

, downgrades MEMC from Buy to Hold. In a note to clients, Stifel Nicolaus writes, "We are downgrading MEMC from Buy to Hold given the rapidly deteriorating environment in the solar wafer industry. While our Sum-of-the-Parts analysis points to brighter prospects for the stock, we view near-term risk/reward as balanced, and we do not see investors warming up to the name over the next 6-9 months in face of acute reductions in solar pricing and significant estimate revisions downward." At the time of posting, shares of MEMC were trading at $8.75, down 3.63% from Thursday's close.