Kaufman Bros. has upgraded MEMC Electronic Materials (WFR) from Hold to Buy and increased the price target from $14 to $15 which would be a more than 40% move from current levels.  Hat tip to Street Insider for the analyst comment.

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“All three end markets, semiconductor wafers, solar materials and SunEdison were stronger than anticipated…Valuation is attractive following an approximately 35% decline in the stock price over the last three months…Expectations on the buy side and sell side are low, any beat likely to drive significant stock appreciation.”

Shares of WFR are trading up about 4% this morning and continue to hold at support around the $10 level.  I agree with Kaufman and may scale into a long term position ahead of earnings.  The company reports July 29th after the market closes.