Daiwa last night downgraded Applied Materials (AMAT) to Neutral from Outperform with a price target of $170, down from $185. The company reported a good quarter but offered “weak” guidance as it awaits approval of China licenses, the analyst tells investors in a research note. The firm says that even with an approval, it will take time to ramp production in China. China purchased a lot in fiscal 2023 and 2024, so this needs to be absorbed and Applied Materials expects lower revenue going forward, Daiwa says.
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