Gabelli Maintains Hold On MEMC Electronics Materials (WFR)

Gabelli & Co. is maintaining its Hold rating on shares of MEMC Electronics Materials WFR. In a note to investors, Gabelli writes, "The central themes of mgmt's presentation at the company's Capital Markets Days included cost reduction, creating product differentiation, and individual business unit strategy. Overall, we believe MEMC's execution continues to make progresses and its strategy is in the right direction. Nevertheless, we still have concerns such as growing working capital cash consumption by SunEdison, short visibility into solar wafer, and uncertainty on semi wafer price stability/price increase. We maintain our Hold recommendation and will continue to monitor progress of the aforementioned and the upcoming solar wafering internal facility." Shares of WFR closed at $11.06 yesterday.