Piper Jaffray Assumes Coverage on Applied Materials (AMAT) and Raises Rating from Neutral to Buy
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Piper Jaffray & Co. assumes coverage on Applied Materials (Nasdaq: AMAT) and raises rating from Neutral to Buy. Price target increased from $10 to $14.
Piper analyst says, "We believe that the global economy is under investing or stopped investing in high tech production equipment. We believe that as access to capital and profitability improves, and as supply of high tech products tightens, investment will reaccelerate. We believe that semiconductor, flat panel and solar cycles will align in 2010 driving strong growth for the capital sector. Applied Materials will be a prime beneficiary of improving demand, driving revenue growth. Moreover, given the company's recent restructuring efforts, we would expect the company to benefit from financial leverage. We believe that these dynamics will drive positive earnings revisions and share price momentum in the next 9 to 12 months and shares will advance ahead of the turn as the market recognizes AMAT's opportunity."
To see more analyst ratings on AMAT Click Here.
Applied Materials, Inc. (Applied), incorporated in 1967, provides Nanomanufacturing Technology solutions for the global semiconductor, flat panel display, solar and related industries, with a portfolio of equipment, service and software products.
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