Jefferies Comments On MEMC Electric Materials Q1 Results (WFR)

Jefferies provided color on MEMC Electronic Materials WFR in a research report published today, after MEMC announced its Q1 results. In the report, Jefferies states, "WFR's 1Q11 EPS missed Street estimates but was in-line with our below consensus estimate. We remain cautious on 1) project business' negative impact on GAAP profitability and balance sheet; and 2) risk around unproven solar wafer technology. We believe the risk/reward is balanced near term and continue to recommend sidelines." Jefferies currently has a Hold rating and price target of $10 on MEMC. In today's pre-market session, MEMC gained 0.35% to stand at $11.40.