Applied Materials Inc (AMAT) Received its Third Buy in a Row

After RBC Capital and Stifel Nicolaus gave Applied Materials Inc (NASDAQ: AMAT) a Buy rating last month, the company received another Buy, this time from Needham. Analyst Quinn Bolton maintained a Buy rating on Applied Materials Inc today and set a price target of $45. The company’s shares closed yesterday at $40.71.

Bolton commented:

“AMAT reported F1Q19 results in-line to slightly better than expected while F2Q19 guidance was below the Street’s estimates. AMAT became increasingly cautious during F1Q19 due to the challenging macro conditions in emerging markets, declines in premium smartphone sales and declining DRAM prices as inventory levels built. AMAT expects 2019 WFE to decline by a mid- to high-teen percentage with foundry/logic spending greater than memory. FY19 Display revenue is now expected to decline ~33% Y/Y due to TV factory project push outs affecting leading edge tools. We are reducing our FY19 and FY20 revenue and EPS estimates but maintain our Buy rating and $45 PT , based on 12x our CY20 NG EPS (incl SBC), given the modest multiple expansion seen in the SemiCap space as we approach the bottom of the cycle.”

According to, Bolton is a top 100 analyst with an average return of 14.6% and a 65.1% success rate. Bolton covers the Consumer Goods sector, focusing on stocks such as MACOM Technology Solutions Holdings Inc, Sequans Communications S A, and Quantenna Communications.

Applied Materials Inc has an analyst consensus of Moderate Buy, with a price target consensus of $46.73, representing a 14.8% upside. In a report issued on February 11, Stifel Nicolaus also maintained a Buy rating on the stock with a $53 price target.

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The company has a one-year high of $62.40 and a one-year low of $28.79. Currently, Applied Materials Inc has an average volume of 12.89M.

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Applied Materials, Inc. engages in the provision of materials engineering solutions used to produce new chip and advanced display. It operates through the following segments: Semiconductor Systems, Applied Global Services, and Display and Adjacent Markets.

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