Barclays Lifts Estimates on Applied Materials (AMAT); Prefer Secular Story of ASML, Inc. (ASML)

Barclays maintains an 'Equalweight' on Applied Materials (NASDAQ: AMAT) price target of $14.00.

Analyst, C. J. Muse, said, "Applied offered a mixed outlook, with raised FY12 guide and trough call on Display as positives while peaking near-term Silicon orders as headwind. Importantly, Applied pointed to 2H shipments tracking similar to 1H and expected pickup in CY4Q12 led by Intel. We continue to view order patterns in SPE as more seasonal than cyclical in this rising capital intensive period and maintain our thesis looking to re-engage more aggressively in the summertime. In the interim, we continue to prefer secular story ASML (Nasdaq: ASML)(OW-rated) for front-end exposure."

"CY12 estimates to $9.6B/$1.02 (old $9.22B/$0.90, consensus $9.68/$1.01) and CY13 to $9.9B/$1.14 (old $9.69 B/$1.05, consensus $10.33B/$1.16)."

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 $10.48 yesterday.

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