Needham & Company Remains on Sidelines wth Applied Materials (AMAT) Post Q2

May 17, 2013 8:46 AM EDT
Get Alerts AMAT Hot Sheet
Price: $33.84 +0.27%

Rating Summary:
    24 Buy, 4 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Needham & Company reiterated a Hold rating on Applied Materials (NASDAQ: AMAT) following Q2 results and light guidance after the close.

Analyst Y. Edwin Mok comments, "AMAT reported F2Q13 results but provided guidance below Street’s estimates. In the near term, we believe some softness in foundry and a limited growth in logic are offsetting improved outlook for memory. Beyond the current quarter, management is optimistic on further growth driven by increased customer spending, SAM expansion in foundry, share gains and transition to 3D NAND. Beyond top-line growth, we are encouraged by management’s increased focus on profitability. However, we are worried the stock price already reflects some of the benefits from AMAT's strategic efforts, leaving little upside for investors. Therefore, we maintain our Hold."

The firm raised FY 2013 EPS from $0.60 to $0.64 and FY 2014 EPS from $0.78 to $1.05.

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 $14.66 yesterday.

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