This morning Citigroup is upgrading MEMC Electronics (WFR) from Holdto Buy, added to its Top Picks and raised the price target to $24 (a50% premium over the current price).
- Starting to reap meaningful cost reduction in poly operations
- plunging poly prices already built into the stock and it will recover long before poly prices do next year
- solar remains tough in the near term, but optimistic longer term
- WFR is as well positioned structurally as FSLR
WFR is trading up again today off the upgrade, but technically, thestock is still broken. It remains submerged below both the 50 and 200day moving averages and would need to get back above those levels forme to consider a long term position.