UPDATE: Goldman Sachs Lowers Price Target On Applied Materials To $10.50

According to Goldman Sachs, Applied Materials AMAT price target is lowered to $10.50. Goldman Sachs said that Applied reported revenues of $2.8 bn (-3% qoq), at the high end of guidance, 4% above the Street and 3% above GS. “We lower our already well-below consensus CY11/CY12 estimates to $1.15/$0.65 from $1.40/$1.00 based on lower revenues, and introduce CY13 of $0.60.” Applied Materials closed yesterday at $11.36.