Citi lowered the firm’s price target on Applied Materials (AMAT) to $170 from $202 and keeps a Buy rating on the shares. The firm lowered its 2025 and 2026 wafer fab equipment growth views to down 5% and up 2%, respectively, from prior calls for growth of 3% and 6% to better align with Citi’s global GDP contraction view in 2025 due to higher tariffs and global uncertainty.
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