UPDATE: J.P. Morgan Lowers Applied Materials' PT

According to a research report published this morning, J.P. Morgan has lowered Applied Materials'

PT from $14 to $10. J.P. Morgan commented in the report, "[We] are reducing our estimates and price target for AMAT. We expect semi capex in C2H12 to trend lower as foundry capex declines and memory and logic capex looks to remain relatively low. While we don't expect the down cycle to be severe, we think it's a good time for investors to take some profits and look for outperformance elsewhere." J.P. Morgan maintains its Neutral rating on Applied Materials, which closed yesterday at $10.81.