Wunderlich Securities Reiterates Buy Rating On MEMC Electronic Materials

According to Wunderlich Securities, MEMC Electronic Materials WFR reported 2Q11 revenue and non-GAAP EPS of $779.6mm and $0.29, respectively, against consensus revenue and non-GAAP EPS estimates of $673mm and $0.06, respectively. Wunderlich said that analysts' non-GAAP EPS estimates had ranged from a loss of $0.10 to a gain of $0.25. "We reiterate our Buy rating and are lowering our target to $13.00." MEMC Electronic Materials closed yesterday at $7.02.