J.P. Morgan Lowers Price Target On Applied Materials To $12

According to J.P. Morgan, Applied Materials AMAT price target is lowered to $12 from $13. J.P. Morgan said that Novellus, a competitor of Applied Materials, reported C2Q11 results. “Bookings declined 25% QoQ and was at the lower end of the guidance range of down 10 to 25%. With Tokyo Electron reporting bookings last week of down 28% QoQ, there is more evidence of a meaningful pause in semi Capex. Novellus's booking guidance for C3Q11 was noted as flat to down an additional 20% with revenue guidance of down 3-14%.” Applied Materials closed yesterday at $12.98.