Applied Materials (AMAT) PT Lowered to $56 at KeyBanc

KeyBanc analyst Weston Twigg lowered the price target on Applied Materials (NASDAQ: AMAT) to $56.00 (from $71.00) while maintaining a Overweight rating.

Twigg commented, "AMAT posted in-line F4Q results but offered soft F1Q guidance as all segments will likely decline sequentially. Still, AMAT noted that semiconductor demand hasn't changed materially since a quarter ago with the exception of new shipment restrictions to Fujian Jinhua, a good sign. We're lowering our estimates, and we're reducing our price target to $56. We remain Overweight for long-term upside."

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