Three brokers suddenly figured out AMAT is in solar business.
Applied Materials Raised To Buy From Hold By Citigroup
Last update: 11/9/2007 3:39:57 AM
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APPLIED MATERIALS UPGRADED TO OVERWEIGHT AT JPMORGAN
Friday , November 09, 2007 08:39ET
By Staff Reporter
NEW YORK, Nov 09, 2007 (Thomson Financial via COMTEX) -- Michael Baron mb
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AMAT: Smith Barney Ups to Buy from Hold; Ups Tgt to $23 vs $22; Analyst Notes
Friday , November 09, 2007 07:43ET
Issuer: Applied Materials Inc (NasdaqNM: AMAT)
Analyst Firm: Smith Barney
Ratings Action: UPGRADE
Current Rating: Buy (from Hold)
Target Price Action: INCREASE
Target Price: $23.00 (+4.55% from $22.00)
Analyst Comments: With the normalized orders per IC unit trend peaking relative to previous peaks (2004), the firm's analysis suggests that the current cyclical upturn is unlikely to be sustained through C2007, as unsustainable memory tool orders in 2H07 will likely drive a meaningful compression in industry fundamentals over the coming quarters. But now, at the end of 2007, AMAT stock price at levels of ~$18 does not reflect the fact that AMAT is well on its way to execution of its solar contracts and they feel that the market is not according the valuation deserving of potential revenues from the solar biz.
This rating information was reported by Smith Barney.
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