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.
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Posted In: Analyst ColorPrice TargetAnalyst RatingsInformation TechnologyJ.P. MorganSemiconductor Equipment
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