Auriga Maintains Buy on MEMC Electronic Materials

Auriga is out with its report today on MEMC Electronic Materials WFR, maintaining Buy. In its report, Auriga writes, "While solar wafer business is coping with the expected pricing pressure, semi wafers and SunEdison business have shown operational improvement and will likely gain further traction (pricing, margin) in 2H11 and beyond. Given compelling valuation we maintain our Buy rating on the stock with $11 price target." At the time of posting, shares of WFR were trading at $6.53, down 6.58% from Wednesday's close.