Gabelli & Co Maintains Hold on MEMC Electronic Materials

Gabelli & Co reiterates its Hold rating on MEMC Electronic Materials (NYSE: WFR) as the company lowers 2011 earnings guidance.

Gabelli notes the following guidance adjustments: “Non-GAAP sales: $789-861mn vs. previous guidance of $800-1,100mn. Non-GAAP EPS: ($0.05) to $0.10 vs. previous guidance of $0.00-0.20. Mgmt is expecting capital market and liquidity risks in Europe may impact the timing of SunEdison planned project sales and further hit the company's outlook. Our current 4Q11 estimates: sales $824mn, EPS ($0.04).”

WFR closed at $4.20 per share on Thursday.