This morning Citigroup is upgrading MEMC Electronics (WFR) from Hold to Buy, added to its Top Picks and raised the price target to $24 (a 50% premium over the current price).

Hat tip to Notable Calls for the following notes (read full article for more detail)

– Starting to reap meaningful cost reduction in poly operations
– plunging poly prices already built into the stock and it will recover long before poly prices do next year
– solar remains tough in the near term, but optimistic longer term
– WFR is as well positioned structurally as FSLR

WFR is trading up again today off the upgrade, but technically, the stock is still broken.  It remains submerged below both the 50 and 200 day moving averages and would need to get back above those levels for me to consider a long term position.