Deutsche Bank Raises Price Target on Applied Materials (AMAT) Ahead of Analyst Day

Deutsche Bank raised its price target Applied Materials (NASDAQ: AMAT) from $13 to $14 ahead of the upcoming Analyst Day on March 28, 2012. However, the firm maintained their Hold rating.

The firm expect management to provide FY12 revenue/EPS guide modestly above consensus. They also expect the company to raise targets for timing/magnitude of Varian cost synergies and an update of the target operating model by segment.

"Near term FPD fundamentals are improving and SSG fundamentals remain strong. That said, challenging fundamentals in EES and lack of upside in AGS could limit EPS upside."

Deutsche Bank raised FY12 estimates from $0.91 to $1.00, mainly to reflect improving SSG fundamentals.

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 $12.69 yesterday.

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