Stifel lowered the firm’s price target on Applied Materials (AMAT) to $250 from $270 and keeps a Buy rating on the shares ahead of the company’s fiscal Q4 report due on November 14. The firm’s near-term estimates are unchanged, and it expects Applied’s Q4 results and Q1 guidance to meet-or-modestly exceed the firm’s and consensus estimates. However, entering 2025, the focus is on Applied’s update and outlook for its China revenue and ahead of earnings the firm has opted to lower its calendar year 2025 estimates, which were originally tied to a higher WFE growth expectation.
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