According to J.P. Morgan, Applied Materials AMAT price target is lowered to $13.
J.P. Morgan said that it is updating its AMAT model for recent events including F2Q11 results and the expected modest increase in debt expense associated with the pending Varian Semiconductor acquisition. “Our F11E revenue and PF EPS are now $10.9bn/$1.38 vs. $10.6bn/$1.34 previously while our F12 estimates are now $9.6bn/$1.16 vs. $9.3bn/$1.13. Our C11 estimates are now $10.5bn/$1.29. AMAT trades at 9.8x our new C11E EPS vs. our Alt Energy group avg. of 12.2x.”
Applied Materials closed yesterday at $12.66.
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Posted In: Analyst ColorPrice TargetAnalyst RatingsApplied Materials Inc.Information TechnologyJ.P. MorganSemiconductor Equipment
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