Evercore ISI reiterates an Outperform rating on Applied Materials (AMAT) with a $209 price target after the company’s October quarter earnings outlook came in 11% below consensus on weakness in China and lumpiness in leading-edge revenue. The stock should be bought on weakness as Applied’s risk/reward screens attractively, the analyst tells investors in a research note. Evercore believes the company is well positioned to outperform wafer fab equipment for the foreseeable future given its exposure to secular trends.
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