As I reported last night, MEMC Electronic Materials (WFR) reported disappointing earning results once again sending the stock plummeting today below key resistance around the $10 level. It is currently trading at levels not seen since 2004 and assuming it closes below the $9.51 level today, the next level of support doesn’t come into play until you get closer to $8. 

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A few analysts have come out with rating changes this morning..

Wunderlich Securities did a complete 180 changing its rating from Buy to Sell.  Well, at least they were dead wrong and admitted it right away.  Credit Agricole slashed its rating as well, cutting it from Buy to Underperform and nearly halved the price target from $20 to $12.  It’s safe to say that either management had these firms fooled or they need to spend more time analyzing the company.  Either way, Wunderlich & Credit Agricole lose credibility.

The lone wolf Ardour Capital actually upgraded the stock from Reduce to Hold, but cut the price target from $12 to $11. 

Shares of WFR are currently down 17%.