UPDATE: Barclays Upgrades Applied Materials (AMAT) to Overweight; CEO Addition Is Likely Inflection Point

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(Updated - June 20, 2012 1:17 PM EDT)

Barclays upgraded Applied Materials (NASDAQ: AMAT) from Equalweight to Overweight with a price target of $15.00.

Analyst, C.J. Muse, said, "We view Applied's appointment of Gary Dickerson, a strong industry CEO, as President as a very important inflection point for AMAT shares. While improvements may come slowly, we highlight Gary's key strengths - a strategic thinker, data driven, decisive - that should enable him to formulate a winning strategy and turn around the company."

Leaves FY12/13 EPS estimate at $0.95/$1.13

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 $11.18 yesterday, with a 52 week range of $9.70-$13.94.

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