Gilford Securities Reiterates Sell Rating on MEMC Electronic Materials (WFR)

Gilford Securities is out with a research report this morning, where it reiterates its Sell rating on MEMC Electronic Materials Inc. WFR; it has a price target on the stock of “around $9.00.” The GS analysts said that they continue to view MEMC with a negative bias due to what they perceive as slower profitability improvement in the semiconductor wafer business, lack of significant improvement in the solar wafer business, and continuing unpredictability in the SunEdison business. The analysts said that they see “meaningful downside” for the stock. Their price target is based on cash per share of around $3 plus10x 2011 EPS estimates.