Applied Materials (NASDAQ:AMAT)‘s stock had its “buy” rating reaffirmed by analysts at Citigroup Inc. in a research report issued to clients and investors on Friday, Analyst RN reports. They currently have a $20.00 price objective on the stock, up from their previous price objective of $19.00. Citigroup Inc.’s price objective suggests a potential upside of 13.90% from the company’s current price.
The analysts wrote, “AMAT stock traded flat after market despite issuing Jan-Q EPS guidance of 20c-24c below our 28c and the Street’s 23c. We would use any weakness on Friday to Buy AMAT for three reasons: 1) negative variance is fully attributable to non-core display, 2) the core semi business is poised to strengthen into 2014 on FinFET and 3D NAND technology inflections, and 3) catalysts around the Tokyo Electron merger set the stock up well into mid-2014.”
Applied Materials (NASDAQ:AMAT) opened at 17.56 on Friday. Applied Materials has a 52-week low of $9.95 and a 52-week high of $18.18. The stock’s 50-day moving average is $17.73 and its 200-day moving average is $16.0. The company’s market cap is $21.122 billion.
Applied Materials (NASDAQ:AMAT) last announced its earnings results on Thursday, November 14th. The company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.01. The company had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $1.99 billion. During the same quarter in the previous year, the company posted $0.06 earnings per share. The company’s revenue for the quarter was up 20.6% on a year-over-year basis. Analysts expect that Applied Materials will post $0.58 EPS for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at DA Davidson reiterated a “buy” rating on shares of Applied Materials in a research note to investors on Friday. They now have a $20.00 price target on the stock. Separately, analysts at RBC Capital reiterated an “outperform” rating on shares of Applied Materials in a research note to investors on Monday. They now have a $20.00 price target on the stock, up previously from $17.00. Finally, analysts at Stifel Nicolaus raised their price target on shares of Applied Materials from $18.00 to $23.00 in a research note to investors on Monday. They now have a “buy” rating on the stock. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $17.49.
Applied Materials, Inc (NASDAQ:AMAT) provides manufacturing equipment, services and software to the global semiconductor, flat panel display, solar photovoltaic (PV) and related industries.
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