Zacks Investment Research downgraded shares of MEME Electronic Materials (WFR) from NEUTRAL to UNDERPERFORM on August 07, 2012, with a target price of $1.75.
MEMC posted first quarter 2012 loss due to lower volume shipments and prices. Both Semiconductor Materials and Solar Energy declined. MEMC also did not provide any guidance citing ongoing uncertainty in the semiconductor and solar markets. But, MEMC expects the bottoming of semiconductor cycle. Though the company's solar initiatives are encouraging, weak polysilicon pricing and solar chip demand will remain a challenge in the coming quarters. The company's high debt burden and solar tariff cuts are also concerns. We downgrade the stock from Neutral to Underperform.
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