Bank of America Merrill Lynch is out with its report today on Applied Materials AMAT, lowering its PO from $18 to $17.
In a note to clients, Bank of America Merrill Lynch writes, "Our new FY11 estimates are $11B/$1.50 compared to prior estimate of $11.3B/$1.55. This moves our CY11E rev/EPS to $11.3B/$1.55. Semicap peers are trading at 10-11x CY11E earnings. Since AMAT continues to execute well on their operational improvements, we apply the upper end of the range on our CY11E EPS of $1.55. This gives us our new price objective of $17"
Bank of America Merrill Lynch maintains Neutral on AMAT.
Shares of AMAT closed Wednesday at $14.50.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Posted In: Analyst ColorAnalyst Ratingsapplied materialsBank of America Merrill LynchInformation TechnologySemiconductor Equipment
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in