UPDATE: Goldman Sachs Upgrades MEMC Electronic Materials to CL-Buy on Unique SOTP Story

In a report published Thursday, Goldman Sachs analyst Brian Lee upgraded the rating on

to Conviction List-Buy, and raised the price target from $8.00 to $10.00. In the report, Goldman Sachs noted, “We add WFR to our CL-Buy list with 31% upside to our $10.00, 12-month price target. WFR remains our top idea across our solar coverage given a unique sum-of-the-parts story where we see $11 per share of total potential value, with core semis worth $5 alone and implying a valuable, yet inexpensive, call option in solar. While timing to unlock potential value remains uncertain, we believe supportive elements are in place, including: (1) increasing valuation multiples in semis, and (2) an increasingly shareholder-friendly board – a situation which we believe could improve further following WFR's annual shareholder meeting on May 30. Please refer to our note ‘An SOTP story with more upside and a potential catalyst' published on May 23.” MEMC Electronic Materials closed on Wednesday at $7.62.