Citi Maintains Buy on MEMC Electronic Materials

Citi is out with its report today on MEMC Electronic Materials (NYSE: WFR), maintaining Buy.

In a note to clients, Citi writes, "We rate WFR Buy, Speculative (1S) with a target of $18. In valuing WFR, we look at a forward earnings-based approach given our view that WFR will begin to start generating earnings more indicative of normalized run rates over the next 12-18 months."

Shares of WFR closed Tuesday at $10.52, up 3.95% from Friday's close.