UPDATE: J.P. Morgan Lowers PT on MEMC Electronic Materials to $7.25

J.P. Morgan is out with its report today on MEMC Electronic Materials WFR, lowering its PT from $9 to $7.25. In its report, J.P. Morgan writes, "We note that currently WFR trades at a P/E of 20.7x vs. the alternative energy group average of 12.9x. Our new December 2011 price target of $7.25 for WFR is based on the stock trading at 0.8x current tangible book value. We believe the stock should continue to trade below TBV given expected price erosion for MEMC's solar and semiconductor wafer products and significant execution risk." J.P. Morgan maintains Underweight on WFR. Shares of WFR closed Wednesday at $6.99, down 0.43% from Tuesday's close.