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.
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