Wunderlich Securities Reiterates MEMC Electronic Materials Sell, $3 PT

Wunderlich Securities reiterates its Sell rating and $3 price target for MEMC Electronic Materials WFR in a research report out today. In the report, Wunderlich Securities writes, "MEMC Electronic (WFR) pre-announced 4Q11 results today, clearing the deck for 2012. Unfortunately, the underlying macro environment isn't good with polysilicon prices down to $27/kg (according to Bloomberg) from $85/kg 12 months ago, which doesn't leave much in the way of margins. Additionally, the strategy of the firm, in order to make its own highly efficient panels and feed its own solar pipeline, is now probably not worth doing, in our view, forcing a second strategic revision to plan in so many years." Shares of MEMC Electronic Materials are currently trading at $4.97, up 8,77% from yesterday's close.