Wunderlich Securities Reiterates Buy and PT Of $16 On MEMC Electronic Materials (WFR)

Wunderlich Securities reiterated its Buy rating and price target of $16 on MEMC Electronic Materials (NYSE: WFR). In a research report published today, Wunderlich stressed better than expected Q1 results as a reason for maintaining its rating and price target.

In the report, Wunderlich states, "MEMC Electronic Materials (WFR) reported 1Q11 results on May 4, after the close. It was a clear beat on the top line with the company reporting GAAP revenue of $754 million versus consensus of $615 million. Excluding one-time items, non-GAAP EPS came in at $0.15 against consensus of $0.12. We are converting all our estimates to non-GAAP with this report and going forward in order to more adequately address the growth in the SunEdison solar farm business. We reiterate our Buy rating and $16 price target on WFR shares."

In yesterday's trading, MEMC lost 2.38% to close the day at $11.09. Its shares regained some of these loses in today's pre-market trading, as its shares rose 0.63% and currently stand at $11.16.