Barclays Maintains an 'Overweight' on Applied Materials (AMAT); Display/EES Weighs on Silicon Trough; See Better Upside Elsewhere

Barclays maintains an 'Overweight' on Applied Materials (NASDAQ: AMAT) price target of $13.00.

Barclays analyst says, "Execution on Cost Cuts and FPD/EES Inflection Key to Further Share Performance: AMAT's Oct Q call was largely in line with expectations, with positive commentary around an SPE order inflection and additional color on the implications of VSEA to the business model, largely tempered by meaningful slowdown in EES and Display. We maintain our Overweight rating, but do think that upside is capped at or near our $13 price target as a result of these headwinds. Our top picks remain Lam Research (Nasdaq: LRCX) and Teradyne (NYSE: TER)."

"Our CY12 estimates move to $9.0B/$0.95 (old $9.16B/$1.05, Street $9.49B/$1.10) and initiate CY13 of $9.64B/$1.15B."

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 $12.47 yesterday.

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