MEMC Electronic Materials (NYSE:WFR) was upgraded from Neutral to Buy at Goldman Sachs today. The stock closed yesterday at $5.24 on volume of 5.5 million shares, below average daily volume of 8.1 million.

MEMC Electronic Materials, Inc. produces silicon wafers. The Company's products are used in computers, telecommunications equipment, automobiles, consumer electronics products, industrial automation and control systems, and analytical and defense systems. MEMC operates manufacturing facilities in Italy, Japan, Malaysia, South Korea, Taiwan, and the United States.

Over the past year, MEMC Electronic Materials has traded in a range of $1.44 to $5.70 and closed yesterday at $5.24, 264% above that low. The 200-day and 50-day moving averages have moved 1.48% higher and 2.48% higher over the past week, respectively.

MEMC Electronic Materials (NYSE:WFR) has potential upside of 6.7% based on a current price of $5.24 and analysts' consensus price target of $5.59. The stock should discover initial support at its 50-day moving average (MA) of $4.22 and subsequent support at its 200-day MA of $2.88.

SmarTrend recommended that subscribers consider buying shares of MEMC Electronic Materials on November 29th, 2012 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $2.93. Since that recommendation, shares of MEMC Electronic Materials have risen 79.1%. We continue to monitor WFR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.