UPDATE: Jefferies Lowers PT to $4 on MEMC Electronics After Analyst Day Conference
Jefferies analyst Scott Reynolds published a report on MEMC Electronics (NYSE: WFR) that maintained its Hold rating and lowered the price target from $4.50 to $4 per share.
Jefferies reported that, “Investors are once again faced with a 2H loaded year with the promise of 1) Increasing semi profitability and 2) Larger project volumes leading to higher GMs; it is a tune that rings all too familiar. That being said, with a backlog of 924MW and pipeline of 2.6GW with an estimated $0.65-$0.70 in GM generated from the backlog, a Semi Business that is tracking toward $40-80M in EBITDA through the cycle, and one of the strongest brand names in both semis and solar development, there is cause for optimism. The company is well positioned for the next cycle in solar and semis however visibility is unlikely to develop until late 2013.”
Shares of MEMC Electronics closed at $4.70 on Thursday.
Latest Ratings for WFR
|May 2013||Goldman Sachs||Maintains||Buy|
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.