Goldman Sachs Upgrades Applied Materials (AMAT) to Neutral

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Goldman Sachs upgraded Applied Materials (NASDAQ: AMAT) from Sell to Neutral with a price target of $11.50 following the 15% QTD sell-off, versus the 7% downside in the S&P 500. Shares are also below their price target.

"We believe the recent pullback in the stock is due to macroeconomic concerns, but we attribute the longer-term underperformance to weak results in solar and display,
margin pressure due to high semi equipment customer concentration, and the potential for lower semi equipment orders in 2HCY12."

This was part of a broader call to upgrade its US Semi Production Equipment (SPE) coverage view to Neutral from Cautious based on valuation.

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 $10.54 yesterday, with a 52 week range of $9.70-$13.94.

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