Soleil Previews MEMC Electronic (WFR) Q1 Earnings

Soleil Securities Group issued a research report this morning previewing MEMC Electronic Material's (NYSE: WFR) Q1 earnings, which are due out sometime today. The firm currently has a Buy rating and $103 price target on shares of MEMC.

Soleil is expecting MEMC to report Q1 EPS of $0.81, versus the Street consensus of $0.85, and revs of $500 million, in-line with the consensus of $500.81 million. Looking at Q2, the firm said MEMC should issue guidance that is above the current consensus of $1.03 due to a ramp in output "from Unit 3 toward design capacity."

The firm believes the market is "just now entering the growth phase of the solar story" and that "investors should remain focused on the fact that only now (after at least two years of discussion) is the volumetric side of the growth story in solar actually coming to fruition."

Notably, Soleil's $103 price target on MEMC represents potential upside of about 40% from yesterday's closing price of $73.20.

MEMC Electronic Materials, Inc. designs, manufactures, and sells silicon wafers for the semiconductor industry worldwide. [BCS]

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