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Monday, February 01, 2010 1:17:24 PM
'Buy' Rating on WFR reiterated; price target $21.
Positive Momentum in 4Q09, Added Clarity into 2010
February 1, 2010 12:17 PM EST
Broadpoint.AmTech reiterates a 'Buy' rating on MEMC Electronic Materials (NYSE: WFR), price target $21.
Broadpoint analyst says, "MEMC is schedule to report 4Q09 results on Wednesday, after the close and ahead of its Capital Markets Day on Thursday. We anticipate 4Q09 results to illustrate sequential improvement due to a continued semi rebound and strong demand from solar customers ahead of the German FIT cut...2010: We are modeling FY10 revenue and EPS above consensus at $1.8B (consensus $1.6B) and $0.85 (consensus $0.78) respectively. We expect semi units to be up 40% y/y, ASPs up 4.5% y/y, Solar units up 65% y/y, and ASPs down 24%. The meat of the 2010 forecast is likely to come on Thursday by way of segment clarity given consternation over SunEdison. We believe the increased granularity will be well received...Despite our oversupply concerns in solar and the slow-down in pace of the semi recovery, shares more than reflect these concerns and we see WFR as undervalued at 5x 2010 EBITDA. We expect earnings and increased clarity into segment detail to both be perceived positively, but believe the main engine for the stock will be the 3+ quarters of margin expansion we expect to see into 2010."
http://www.streetinsider.com/Analyst+Comments/Broadpoint.AmTech+Reiterates+a+Buy+Rating+on+MEMC+Electronic+Materials+%28WFR%29%3B+Positive+Momentum+in+4Q09,+Added+Clarity+into+2010/5294062.html
All WFR related upgrades/downgrades: http://www.streetinsider.com/stock_lookup_news.php?q=WFR&type=analyst
Positive Momentum in 4Q09, Added Clarity into 2010
February 1, 2010 12:17 PM EST
Broadpoint.AmTech reiterates a 'Buy' rating on MEMC Electronic Materials (NYSE: WFR), price target $21.
Broadpoint analyst says, "MEMC is schedule to report 4Q09 results on Wednesday, after the close and ahead of its Capital Markets Day on Thursday. We anticipate 4Q09 results to illustrate sequential improvement due to a continued semi rebound and strong demand from solar customers ahead of the German FIT cut...2010: We are modeling FY10 revenue and EPS above consensus at $1.8B (consensus $1.6B) and $0.85 (consensus $0.78) respectively. We expect semi units to be up 40% y/y, ASPs up 4.5% y/y, Solar units up 65% y/y, and ASPs down 24%. The meat of the 2010 forecast is likely to come on Thursday by way of segment clarity given consternation over SunEdison. We believe the increased granularity will be well received...Despite our oversupply concerns in solar and the slow-down in pace of the semi recovery, shares more than reflect these concerns and we see WFR as undervalued at 5x 2010 EBITDA. We expect earnings and increased clarity into segment detail to both be perceived positively, but believe the main engine for the stock will be the 3+ quarters of margin expansion we expect to see into 2010."
http://www.streetinsider.com/Analyst+Comments/Broadpoint.AmTech+Reiterates+a+Buy+Rating+on+MEMC+Electronic+Materials+%28WFR%29%3B+Positive+Momentum+in+4Q09,+Added+Clarity+into+2010/5294062.html
All WFR related upgrades/downgrades: http://www.streetinsider.com/stock_lookup_news.php?q=WFR&type=analyst
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