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Applied Materials price target lowered to $240 from $250 at Citi

Applied Materials price target lowered to $240 from $250 at Citi

Citi analyst Atif Malik lowered the firm’s price target on Applied Materials to $240 from $250 and keeps a Buy rating on the shares. The analyst reduced semiconductor equipment estimates following Intel’s capex cut. Citi also de-risked $1B of wafer fab equipment contribution from the potential China high bandwidth memory ban. The firm expects the group to remain volatile through the U.S. elections.

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