Rothschild & Co Redburn downgraded Applied Materials (AMAT) to Neutral from Buy with a price target of $200, down from $225. The firm believes China’s push for semiconductor self-sufficiency challenges much of Applied Materials’ portfolio at a time when competitors have taken share in the company’s core physical vapor deposition business. Rothschild is concerned that U.S. export restrictions will accelerate China’s strategy to become 70% self-sufficient in semiconductor wafer fabrication equipment.
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