As previously reported, BofA analyst Vivek Arya downgraded Applied Materials (AMAT) to Neutral from Buy with a price target of $180, down from $190, following a “surprisingly weak” fiscal Q4 outlook. The company’s higher exposure to oversupplied mature node and certain leading-edge customers such as Intel (INTC) is impacting them more this part of the cycle, the analyst tells investors. However, the firm suspects the slowdown is more company specific and doesn’t see the same read-across to its top pick Lam Research (LRCX) or KLA Corp. (KLAC), the analyst noted.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on AMAT:
- Applied Materials downgraded to Neutral from Buy at BofA
- Applied Materials should be bought on selloff, says Evercore ISI
- Applied Materials price target lowered to $200 from $230 at Wolfe Research
- Applied Materials: Long-Term Growth Potential Amid Short-Term Challenges Justifies Buy Rating
- Applied Materials: Strategic Positioning and Valuation Offer Compelling Buy Opportunity Amid Short-term Challenges