UPDATE: Bank of America Trims PO to $13.50 on Applied Materials; In-Line Guidance

Bank of America reduces its price objective on Applied Materials

from $14.50 to $13.50 and reaffirms its Neutral rating on the stock. Bank of America notes, "We adjust our CY12 and CY13 rev/EPS estimates to $9.6B/$1.00 (from $9.5B/$1.00) and $10.4B/$1.14 (from $10.7B/$1.21) respectively. We value AMAT on CY13E EPS. Applying peer average multiple of ~12x on CY13E EPS, we arrive at our price objective of $13.50 (prior target was $14.50)." AMAT closed at $10.48 on Thursday.