FBR hosted an investor field trip to MEMC’s (WFR) headquarters in St. Louis, Missouri, and came away still believing the stock of this solar wafer manufacturer and polysilicon seller will double:
WFR remains among the few companies in the solar manufacturing food chain that is focused on generating the highest return on assets for minimum capex…
And Yingli’s (YGE – N/R) report/conference call from yesterday also supports our solar industry thesis that poly[silicon] prices will remain at elevated levels for some time and that module manufacturers cannot pass the high cost to the end customers, making such upstream guys as WFR among the few attractive stocks to own in the solar manufacturing food chain
How bullish is FBR right now? The firm even sees positives in WFR’s poor manufacturing execution (exclamation point theirs):
As a side note, one positive outcome of the manufacturing hiccups at WFR over the past several months, in our view, is the increased transparency offered by WFR’s management, which otherwise would not have been possible!
FBR maintains OUTPERFORM on MEMC Electronic Materials (WFR), target $80.
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