MEMC Downgraded From 'Buy' To 'Sell'

MEMC Electronic Materials, Inc. (NYSE: WFR) has been downgraded from Buy to Sell by Wunderlich Securities due to a significant decline in current and future earnings estimates and an increase in variability of its earnings stream.

Wunderlich has also lowered the price target to $8.50 and has raised the discount rate to 15% from 13% to compensate for the uncertainty in its estimates.

MEMC Electronic Materials, Inc. closed yesterday at $11.26.