Applied Materials (AMAT) PT Raised to $35 at Berenberg

September 22, 2016 7:57 AM EDT
Get Alerts AMAT Hot Sheet
Price: $33.95 +0.59%

Rating Summary:
    24 Buy, 4 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 29 | Down: 30 | New: 23
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Berenberg analyst Tammy Qiu reiterated a Buy rating and raised her price target on Applied Materials (NASDAQ: AMAT) to $35.00 (from $30.00) following the company's 2016 analyst day.

Qiu commented, "In our view, the three key takeaways from the event were: 1) new industrial trends such as augmented reality (AR)/virtual reality (VR)/artificial intelligence (AI)/smart cards will drive semi content and equipment demand growth, despite slowing smartphone demand; 2) AMAT has been seeing significant market share growth, and expects its market share to expand further due to its unique position in the foundry/3D NAND equipment market; 3) the company will deliver a stable level of growth even beyond the $2.8 EPS targeted for 2019, in combination with a more stable wafer fab equipment (WFE) spending cycle compared to previously – we believe the semi equipment industry has a more structural business model today due to the fact that chip-makers now require more technology-related spending."

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 $30.57 yesterday.

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