From Notable Calls:
- Citigroup notes that following through on their cautious call into the Q, they think this is finally the peak of the bad news w/the stock, at ~$40 aftermarket, now possessing a unique combination of attributes: inexpensive, and finally set up to beat and raise headed into late '08/early '09...
...Notablecalls: I suspect the stock will trade just below the $50 level today. There is some offered in pre mkt - I suggest you take it for a bounce.
Here's Tech Trader Daily on Citi's call, July 22:
MEMC Electronic Materials (WFR) shares are under pressure today following a cautious note this morning from Citigroup’s Timothy Arcuri.
Arcuri, who has a Hold rating on the stock, cut his price target to $64 from $85. He maintains his 2008 EPS estimate of $4.26 a share, and raised his 2009 estimate by a penny to $5.50, but trimmed his 2010 estimate to $5.63 from $5.79.Arcuri says that the there could be some risk around the company’s Q2 earnings report tomorrow. He thinks the company “may have” struggled to reach the low end of guidance....
I like intellectually nimble analysts who get it right.