MEMC Electronic Materials (NYSE:WFR)
On Tuesday this company announced that its subsidiary, SunEdison, entered into an agreement with Chile-based steel and iron ore supplier CAP S.A. to develop a 100 megawatt power power plant in the Atacama Desert. The project, once finished, would be the largest solar photovoltaic power plant in Latin America.
The analyst at Citigroup gave MEMC Electronic Materials a price target of $5.40, 23.9 percent above its Tuesday closing price. Shares climbed as much as 3.3 percent on Wednesday as the analyst highlighted the company’s ability to successfully capitalize in sustainable overseas markets.