Applied Materials (AMAT) Executive Change Seen as Positive - Goldman

November 29, 2012 8:19 AM EST
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Price: $34.06 +0.92%

Rating Summary:
    24 Buy, 4 Hold, 1 Sell

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    Up: 18 | Down: 17 | New: 10
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Applied Materials (Nasdaq: AMAT) recently announced that it is consolidating management of the Energy and Environmental Solutions and Display business units under new management lead by Ali Salehpour, former senior VP at KLA-Tencor (Nasaq: KLAC).

Commenting on the developments, analyst James Covello said, "Our industry discussions suggest that Applied has been hiring several people for SPE with a background in process control (primarily from KLA), and we believe hiring Mr. Salehpour from KLA to run EES and Display is a significant positive for Applied."

Saving from unit consolidation were largely accounted for in Applied Material's recent update in October.

Goldman Sachs has a Buy rating on Applied Materials (NASDAQ: AMAT) with a price target of $13.00.

For an analyst ratings summary and ratings history on Applied Materials click here. For more ratings news on Applied Materials click here.

Shares of Applied Materials closed at $10.60 yesterday.

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