UPDATE: Bank of America Lowers PT on Applied Material from $12.50 to $11.50

Bank of America has published a research report on Applied Material AMAT lowering the price target. In the report, Bank of America wrote, "Macro headwinds are keeping PC and consumer electronics demand weak limiting DRAM bit growth and slowing foundry, logic and FPD capacity expansion. Mgmt is comparing the F4Q/F1Q environment to the 2005 downturn with 2 quarters of deceleration before an upturn, but with excess foundry capacity and an uncertain macro environment, we do not expect a pick up in orders until C2Q12 for the industry." Bank of America rated Applied Material a Neutral with a price target lowered from $12.50 to $11.50. Applied Materials closed Wednesday at $11.36.