MEMC Electronic Materials (WFR) shares are coming under pressure this
morning after Hapoalim Securities analyst Gordon Johnson cut his rating on
the stock to Sell from Hold.
He contends the Street is over-estimating the first half profitability for
the maker of silicon wafers; in particular he thinks his fellow analysts are
“grossly over-estimating” margin leverage in the company’s SunEdison
solar projects business. He also thinks the Street is too optimistic on
growth in the company’s semicon
