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Friday, August 20, 2021 8:41:02 AM
Applied Materials (AMAT) Gets Cheers From Analysts After Earnings Beat Estimates
By: TheStreet | August 20, 2021
• Applied Materials receives praise and price target boosts from analysts after 'another solid quarter of results.'
Applied Materials (AMAT) had analysts singing its praises Friday after the semiconductor equipment maker posted stronger-than-expected fiscal third-quarter earnings and sales.
Shares of the Santa Clara, Calif., company were off slightly to $128.84 in premarket trading.
Applied Materials reported adjusted profit of $1.90 a share, up from $1.06 a year ago and well above the analysts' consensus of $1.77.
Revenue soared 41% to $6.196 billion from $4.395 billion a year earlier, while Wall Street called for $5.94 billion in the latest quarter.
Mizuho analyst Vijay Rakesh raised his price target on Applied Materials to $161 from $158, while keeping a buy rating on the shares following the "solid" July quarter results and "positive" outlook.
Rakesh continues to see Applied Materials as well-positioned and growing above the wafer fab equipment market.
Stifel analysts, who have a buy rating on the stock, raised their price target to $180 from $170 a share, Bloomberg reported.
“Applied’s commentary was consistent with the strong near-term trends, while providing more support that the long-term outlook continues to strengthen," Stifel said, adding that the report suggests that “near-term concerns of a ‘peaking’
cycle are overblown.”
Morgan Stanley, which rates the shares equal weight, boosted its price target to $150 from $139, saying "Applied continues to execute well, and benefit from a strong spending environment across the board.”
The firm said that this was a strong report “with modest growth into October which we think is significantly limited by supply.” Morgan Stanley views Applied Materials as a core holding, although it is “mildly more optimistic” on peer Lam Research (LRCX).
Wells Fargo, which has an overweight rating on the shares with a price target of $160, said this was “another solid quarter of results, driven by continued strong demand upside (and) positive supply chain execution.”
The gross margin outlook should be viewed as a positive, as it “reflects the company’s aggressive supply chain management in the face of COVID-related disruptions.”
Read Full Story »»»
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By: TheStreet | August 20, 2021
• Applied Materials receives praise and price target boosts from analysts after 'another solid quarter of results.'
Applied Materials (AMAT) had analysts singing its praises Friday after the semiconductor equipment maker posted stronger-than-expected fiscal third-quarter earnings and sales.
Shares of the Santa Clara, Calif., company were off slightly to $128.84 in premarket trading.
Applied Materials reported adjusted profit of $1.90 a share, up from $1.06 a year ago and well above the analysts' consensus of $1.77.
Revenue soared 41% to $6.196 billion from $4.395 billion a year earlier, while Wall Street called for $5.94 billion in the latest quarter.
Mizuho analyst Vijay Rakesh raised his price target on Applied Materials to $161 from $158, while keeping a buy rating on the shares following the "solid" July quarter results and "positive" outlook.
Rakesh continues to see Applied Materials as well-positioned and growing above the wafer fab equipment market.
Stifel analysts, who have a buy rating on the stock, raised their price target to $180 from $170 a share, Bloomberg reported.
“Applied’s commentary was consistent with the strong near-term trends, while providing more support that the long-term outlook continues to strengthen," Stifel said, adding that the report suggests that “near-term concerns of a ‘peaking’
cycle are overblown.”
Morgan Stanley, which rates the shares equal weight, boosted its price target to $150 from $139, saying "Applied continues to execute well, and benefit from a strong spending environment across the board.”
The firm said that this was a strong report “with modest growth into October which we think is significantly limited by supply.” Morgan Stanley views Applied Materials as a core holding, although it is “mildly more optimistic” on peer Lam Research (LRCX).
Wells Fargo, which has an overweight rating on the shares with a price target of $160, said this was “another solid quarter of results, driven by continued strong demand upside (and) positive supply chain execution.”
The gross margin outlook should be viewed as a positive, as it “reflects the company’s aggressive supply chain management in the face of COVID-related disruptions.”
Read Full Story »»»
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