UPDATE: Bank of America Lowers PT on MEMC Electronic from $15.50 to $12.50

Bank of America has published a report on MEMC Electronic WFR lowering the price target from $15.50 to $12.50. In the report, Bank of America wrote, "MEMC reports 2Q11 earnings Wednesday (8/3) AMC. The stock has declined -14% since the end of 2Q11 as the data points and results for solar companies continue to be negative. Besides the headwinds facing the solar industry, the semiconductor wafer demand has also weakened as excess inventories will likely need to be burned off before semiconductor factory utilization rates pick up again in 1H12. Therefore we expect the mgmt to lower their FY11 annual guidance range ($3.4-$3.7B non-GAAP revs, $1.00-$1.30 EPS) and we now forecast CY11 rev/ EPS of $3.3B/$0.91 (versus our prior estimate of $3.56B/$1.18). Our lower forecast is primarily driven by weakness in the semi & solar materials segment; we leave SunEdison estimates unchanged (due to the volatility in rev recognition)." Bank of America rated MEMC Electronic a Neutral with a price target reduced from $15.50 to $12.50. MEMC Electronic closed Monday at $7.35.