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Technology Stocks : Semi Equipment Analysis
SOXX 306.28-1.0%4:00 PM EST
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To: Donald Wennerstrom who wrote (53886)9/25/2011 1:55:00 PM
From: Donald Wennerstrom1 Recommendation  Read Replies (1) of 95521
 
09/23/11 02:27 pm ET ... S&P LOWERS OPINION
ON MEMC ELECTRONIC MATERIALS SHARES
TO STRONG SELL FROM HOLD (WFR 6.09*):

Our downgrade reflects our belief that polysilicon
supply will exceed demand through mid-'12, as
China-based solar makers expand capacity.We
also think greater competitive pressures and
vertical integration efforts by participants will
add downside pressure to prices and margins.

Finally, we think demand for semiconductor
wafers will likely remain below seasonal trends
in the near term.We cut our '11 operating EPS
forecast by $0.09 to $0.71 and '12's by $0.19 to
$0.72, both well below Capital IQ consensus estimates.

We lower our 12-month target price by
$1.50 to $5.50. /A. Zino-CFA
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