UPDATE: Piper Jaffray Raises PT on Applied Materials to $17

Piper Jaffray has published a research report on Applied Materials AMAT and has raised the price target from $15 to $17 after the company reported January 2012 revenues that exceeded all estimates and guidance. In the report, Piper Jaffray writes, "AMAT's Jan'12 revenue of $2.19b and non-GAAP EPS of $0.18 exceeded their guidance of $1.85bn to $2.07bn as well as beating all estimates. Non GAAP EPS of $0.18 was a beat by $0.06 with a non- GAAP gross margin increase of 120 bps q/q. Silicon systems grew 26% q/q on the heels of strong order inflow from Samsung, we believe, which was ramping for Apple (A5 chip). Overall orders were up 26% q/q to $2.01bn with silicon system orders rising 53% q/q from strong foundry orders. Given a full quarter post closure, AMAT highlighted Varian's revenue contribution to be $202m and $0.13 in Non GAAP EPS. During the quarter, AMAT repurchased $200m worth of stock and we believe this is likely to continue with $1bn still left in its buyback." Piper Jaffray maintains its Overweight rating on Applied Materials, which is currently trading down $0.15 from yesterday's $13.21 closing price.