Wunderlich Securities lifts rating on US MEMC to "hold"
(ADPnews) - Oct 8, 2010 - Wunderlich Securities on Thursday revised upwards its stance on the stock of US silicon wafer maker MEMC Electronic Materials Inc (NYSE:WFR) to "hold" from "sell" and raised its share price target to USD 12 (EUR 8.622) from USD 8.50.
The upgrade reflects some certainty to solar generation facilities in 2010 and the secured funding from JPMorgan (NYSE:JPM) for US-based solar deployments, equity analyst Theodore O'Neill said.
Nevertheless, the analyst said he still did not have strong expectations for next year due to forecasts of growing rivalry from foreign solar companies which could decrease MEMC's margins.
MEMC closed at USD 12.78, up 3.65%, yesterday.
(USD 1.0 = EUR 0.718)
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.