Cowen Remains Bullish on Applied Materials (AMAT); Expects 4Q Beat
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Cowen reiterated an Outperform rating and $32.50 price target on Applied Materials (NASDAQ: AMAT) ahead of the company's 4Q earnings report. Cowen is expecting the company to report revenues and EPS of $3.3B and $0.67, toward higher end of guide range and 2 pennies above Street.
Analyst Timothy Arcuri commented "See results and guide in-line to maybe just a touch above Street. While orders likely moderate for a few Qs, we think opportunities for share gains in Silicon, SAM expansion in Display, and 4-player race to get to 7nm should create a higher order floor and sustain multi-year earnings growth and less cyclicality ahead. Maintain Outperform and $32.50 target."
Shares of Applied Materials closed at $28.99 yesterday.
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