UPDATE: Goldman Sachs Removes Applied Materials (AMAT) From Conviction Buy List
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(Updated - October 4, 2016 8:38 AM EDT)
Goldman Sachs downgraded Applied Materials (NASDAQ: AMAT) from Conviction Buy to Buy with a price target of $33 (unchanged). The downgraded follows stock price outperformance.
"We remove Applied Materials (AMAT) from the Conviction List with a) the stock having outperformed our semiconductor and semi capital equipment coverage by 1100bps/2600bps over the past 3/6 months, and b) limited near-term catalysts. That said, we maintain our Buy rating on AMAT for the reasons listed below and continue to view the company as a long-term winner in the semi cap equipment market," said analyst Toshiya Hari.
Shares of Applied Materials closed at $29.92 yesterday.
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