According to a recent report, Morgan Stanley is lowering expectations on Applied Materials AMAT due to their belief that semi cap fundamentals are not a peak cycle but in mid cycle with weak consumer PC demand.
In the report, Morgan Stanley said, "We model a ~30% peak to trough semi bookings decline or in-line with prior cycle through Oct with a recovery in Jan qtr. We model resumption in margin expansion after a two-qtr pause through restructuring and services business."
AMAT closed yesterday at $13.71.
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Posted In: Analyst ColorAnalyst Ratingsapplied materialsInformation TechnologyMorgan StanleySemiconductor Equipment
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