UPDATE: Jefferies Reiterates Hold Rating, Raises PT on MEMC Electronic Materials on Increased Estimates

In a report published Monday, Jefferies reiterated its Hold rating on MEMC Electronic Materials

, and slightly raised its price target from $3.50 to $4.50. Jefferies noted, “As with the last several qtrs, EPS ests are wide and we expect investors to be focused on SunEd mgs, the Semi outlook, and backlog visibility. The Street continues to largely discount the SunEd seg, however we believe this is unlikely to change given execution issues. We are raising our 2013e on increasingly pos semi trends (specifically in 2H13), however we don't see material share outperformance until visibility in SunEd develops.” MEMC Electronic Materials closed on Friday at $4.48.