Applied Materials price target lowered to $250 from $260 at Evercore ISI

Evercore ISI lowered the firm’s price target on Applied Materials (AMAT) to $250 from $260 and keeps an Outperform rating on the shares. The firm continues to recommend Applied as “a top SCE large cap pick” post an October-end quarter “beat & slight raise,” adding that it thinks the valuation is attractive and expect the stock’s multiple to expand as investors “realize the positive fundamentals of the industry.” The firm models three-year EPS power of $14, the analyst added.