Credit Suisse Raises Price Target on Applied Materials (AMAT) Following 3Q Report

August 19, 2016 11:39 AM EDT
Get Alerts AMAT Hot Sheet
Price: $33.75 --0%

Rating Summary:
    24 Buy, 4 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 6 | Down: 10 | New: 6
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Credit Suisse reiterated an Outperform rating on Applied Materials (NASDAQ: AMAT), and raised the price target to $34.00 (from $29.00), following the company's 3Q earnings report. EPS beat of $0.02 over the Street was primarily driven by lower taxes. Revenues were reported at $2.82bn missed the Street's $2.87bn estimates.

Analyst F. Ahmad commented, "AMAT reported stronger than expected JulQ orders and guided OctQ rev/EPS well above CS/Street estimates - the upside driven by stronger TSMC. While cyclically OctQ could be a peak for revenues - 3D NAND, China, and OLED represent multi-year investment cycles that can allow AMAT to outgrow peers for next few years. AMAT is executing well - delivering their long term EPS target of $2, two years in advance- and management team is building solid credibility with investors. We see upcoming analyst day, and improving memory fundamentals as positive catalysts in near term. Increasing TP to $34 (from $29)."

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 $27.68 yesterday.

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