As previously reported, Mizuho downgraded Applied Materials (AMAT) to Neutral from Outperform with a price target of $175, down from $200. The firm, which sees share shifts within the WFE industry as China competition and technology transitions drive increased competition, believes the largest share shifts are happening in Sputtering/PCVD, where Applied’s revenue share is about 47%, while Lam Research (LRCX) is less exposed at about 15%, the analyst tells investors.
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