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Technology Stocks : Semi Equipment Analysis

SOXX 312.18

-0.2%

Dec 9 4:00 PM EST

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To: Donald Wennerstrom who wrote (48744)	7/30/2010 11:35:05 AM
From: Donald Wennerstrom	1 Recommendation Read Replies (1) of 95541

S&P LOWERS OPINION ON SHARES OF MEMC ELECTRONIC MATERIALS TO HOLD FROM BUY 11:01 AM ET 7/30/10 \| S&P Marketscope WFR posts Q2 EPS of $0.06 vs. $0.01, matching our $0.06 estimate. Sales rose 2.4% from Q1, on higher volume and pricing, partly offset by lower SunEdison sales. We think industry trends are favorable and we are encouraged by cost reductions, but see high external wafer costs persisting. We no longer see major upside to margins and earnings until '11, when it should benefit from producing internal wafers. On a lower margin forecast, we cut our '10 EPS estimate $0.12 to $0.41 and '11's $0.28 to $0.84. We reduce our 12-month target price $2 to $11, on price-to-sales near peers.

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