BofA lowered the firm’s price target on Applied Materials (AMAT) to $210 from $220 and keeps a Buy rating on the shares. Fiscal Q4 results came in 1% ahead on sales and 7% ahead in terms of pro-forma EPS, while Q1 sales guidance of $7.15B missed consensus by 1%, but was slightly ahead of the firm’s $7.11B estimate, the analyst tells investors. Following the report, the firm lowered its price target given potential for near-term WFE undergrowth.
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Read More on AMAT:
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