Friday, August 10, 2012 11:45:39 AM
Ahead of Jul-Q earnings release due August 15, we trim our FY 12 (Oct.) operating EPS estimate by $0.04 to $0.80 and FY 13's by $0.04 to $1.10. We initiate FY 14 at $1.29 and up our 12-month target price by $1 to $15, on blend of P/E and price-to-sales near peers. We believe near-term downside is reflected in the shares and see a possible order rebound by calendar year end, making AMAT attractive along with 3.4% yield. We also remain optimistic on a recovery in flat panel display. We view positively anticipated cost cuts and the recent appointment of Gary Dickerson as president.
Applied Materials - On March 5, 2012, Applied's Board of Directors approved a new stock repurchase program authorizing up to $3 billion in repurchases
S&P rates them a strong buy, they are buying back stock and there is a 3% dividend. With new developments in NOR and NAND memory and hyperthreading, chip makers will soon need to replace their chip making equipment, but, because of the sector, this stock will ebb and flow, it is just an intrinsic condition, the silicon chip sector is cyclical, but now is an awesome time to buy.
Disclosure - I am long on this stock.
Recent AMAT News
- Applied Materials Announces Cash Dividend • GlobeNewswire Inc. • 09/12/2024 08:05:16 PM
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- Apple Names New CFO, Sony Hikes PS5 Price in Japan, Santander Launches Share Buyback • IH Market News • 08/27/2024 09:35:22 AM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/22/2024 08:01:13 PM
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- Form 8-K - Current report • Edgar (US Regulatory) • 08/15/2024 08:04:10 PM
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- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 06/18/2024 07:34:58 PM
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