According to StreetInsider.com, Collins Stewart has initiated coverage on MEMC Electronics (WFR) with a BUY rating and price target of $27. The firm believes the departure of CEO Nabeel Gareeb is bullish in that it may open up more long term relationships. They said:
“… the company’s $6.18 in net cash and potential to deliver $2.58 GAAP EPS in FY10 under a stress test forecast should provide support at current levels…CEO Nabeel Gareeb resigned … Read the rest
MEMC Electronics (WFR) CEO Nabeel Gareeb has informed the board of directors that he will resign and the company has appointed Board member Marshall Turner to serve as interim CEO effective Nov 12th. Mr. Gareeb to aid in the transition to a new CEO.
Said Gareeb, “We have created a unique asset-efficient model and cost-efficient structure that has allowed MEMC to generate industry leading profitability and consistent cash flow generation over the years, in good … Read the rest