Citi Maintains Buy Rating, $18 PT On WFR

Citi is maintaining its Buy rating and $18 PT on shares of MEMC Electronic Materials Inc. WFR. “With EPS a little better than Street (adjusted for 1x issues), CQ2 EPS guide about in-line w/Street, and C2011 guidance unchanged despite a myriad of investor concerns (Japan, Italian solar market, etc.), the story here continues to build,” Citi writes. “While EPS is now even more 2H-loaded, the story to us is all about SunEdison and the degree to which WFR can realize value from a rapidly growing pipeline.” MEMC Electronic Materials Inc. closed Wednesday at $11.36.