Applied Materials (AMAT) PT Raised to $35 at Berenberg
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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."
Shares of Applied Materials closed at $30.57 yesterday.
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