Barclay's Says Expect More Announcements Related to Applied Materials (AMAT) Restructoring

Yesterday Applied Materials (NASDAQ: AMAT) announced a restructuring plan, including a 9 percent workforce reduction that will resulting in $140 to $190 million in annualized savings.

Analyst at Barclays said they view AMAT's restructuring announcement as the first step in the company's transformation.

"While investors might be somewhat disappointed in the focus on reinvestment rather than pure cost reductions, we view this as just the beginning and look for further announcements/initiatives in the coming Q's," said analysts.

Barclays reiterated an Overweight rating on Applied Materials and a price target of $15.

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 $11.16 yesterday.

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