Credit Suisse Raises Price Target on Applied Materials (AMAT) Following 3Q Report
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
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)."
Shares of Applied Materials closed at $27.68 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Susquehanna Cuts Price Target on KLA-Tencor (KLAC) Following Strong 1Q
- BMO Capital Raises Price Target on ManpowerGroup (MAN) Following 3Q Surprise
- Jefferies Raises Price Target on FMC Technologies (FTI) After Adjusting Estimates
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesCredit Suisse, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!