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.
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