Needham & Company Downgrades Applied Materials (AMAT) to Hold; Cutting Estimates Ahead of Q2 Release
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Price: $196.06 --0%
Rating Summary:
32 Buy, 10 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 7 | Down: 7 | New: 4
Rating Summary:
32 Buy, 10 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 7 | Down: 7 | New: 4
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Needham & Company downgraded Applied Materials (NASDAQ: AMAT) from Buy to Hold.
Analyst, Y. Edwin Mok, said, "We are less confident that AMAT will beat the mid-pts of its full year guidance ranges due to deceleration of semicap business, challenges in solar and display, and on-going restructuring that may not deliver financial improvements until FY13. After adjusting our estimates to reflect our current view, we see little reason to be aggressive on the name despite the recent pullback in share price."
"Going into F2Q12 report this Thursday, we keep our F2Q12 revenue/non-GAAP EPS estimates unchanged at $2.44B/$0.26, above Street’s $2.40/$0.24. However, we cut our FY3Q12 revenue/non-GAAP EPS estimates to $2.41B/$0.25, below consensus of $2.45/$0.26." (FY12 EPS estimate cut from $0.94 to $0.90 and FY13 from $1.20 to $1.08)
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 $10.95 yesterday.
Analyst, Y. Edwin Mok, said, "We are less confident that AMAT will beat the mid-pts of its full year guidance ranges due to deceleration of semicap business, challenges in solar and display, and on-going restructuring that may not deliver financial improvements until FY13. After adjusting our estimates to reflect our current view, we see little reason to be aggressive on the name despite the recent pullback in share price."
"Going into F2Q12 report this Thursday, we keep our F2Q12 revenue/non-GAAP EPS estimates unchanged at $2.44B/$0.26, above Street’s $2.40/$0.24. However, we cut our FY3Q12 revenue/non-GAAP EPS estimates to $2.41B/$0.25, below consensus of $2.45/$0.26." (FY12 EPS estimate cut from $0.94 to $0.90 and FY13 from $1.20 to $1.08)
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 $10.95 yesterday.
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