Needham lowered the firm’s price target on Applied Materials (AMAT) to $200 from $225 and keeps a Buy rating on the shares. Needham sees 2025 as likely the peak WFE, saying the current semiconductor upcycle “will be lukewarm,” and the next downturn could hit in the second half of 2026. The firm is also reducing its 2025 estimates for the company to reflect a weaker WFE environment and the potential impact from the December 2024 export controls that Applied Materials is yet to quantify, modeling its 2025 Semi Systems revenue to be flat, the analyst tells investors in a research note.
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