Barclays Adjusts Estimates on Applied Materials (AMAT) After Q2 Release; The Only Uncertainty Is...Timing

Barclays maintains an 'Overweight' on Applied Materials (NASDAQ: AMAT) price target of $15.00.

Analyst, C. J. Muse, said, "While NAND weakness drove a slightly worse than pre-announced October guidance, our thesis remains intact, led by expectations for 3Q to mark a seasonal pause with 4Q marking a recovery led by foundry/logic. Layer in restructuring/turnaround of product portfolio (we will hear update on Nov Q call) driving 30+% earnings growth over the next 2+ years, and we maintain rating and PT."

FY12 EPS Estimate lowered from $0.75 to $0.74 and FY13 from $1.13 to $0.91. FY12/13 revenues lowered to $8.4B/$9.21B.

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 $11.80 yesterday.

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