Stifel Recommends Buying Applied Materials (AMAT) Ahead of Earnings on the Pullback
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Stifel analyst Patrick Ho reiterated a Buy rating and $160.00 price target on Applied Materials (NASDAQ: AMAT) ahead of 2Q21 earnings results on Thursday May 20th expecting a meet or beat quarter against his estimates of $5.38 billion / $1.50.
The analyst stated " We expect a positive tone on the near-term environment and do not anticipate any major surprises. At the same time, we maintain our favorable long-term view of the company/stock given its positioning in key areas that differentiate it from its peers. First, we believe Applied not only offers standalone tool solutions, but has introduced integrated systems that capture key process areas and can address manufacturing challenges across the board. Secondly, we believe the company continues to expand its services and value-added offerings, and this effort is driving more subscription-based and less transaction-based models. We maintain our Buy rating and recommend purchasing shares following the recent tech pullback."
Shares of Applied Materials closed at $124.83 yesterday.
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