Applied Materials upgraded to Buy from Hold at Jefferies

Jefferies upgraded Applied Materials (AMAT) to Buy from Hold with a price target of $195, up from $185, as part of a broader research note refreshing the firm’s WFE semiconductor outlook ahead of Q1 earnings. The firm expects strong DRAM and beginning of NAND recovery, albeit off a low base, the analyst tells investors in a research note. Jefferies adds that Leading Edge and DRAM beneficiary and March guidance brings the company’s China exposure to the lowest level among its peers while also stating that the stock is currently trading at the cheapest multiple in the group.