UPDATE: Credit Suisse Reiterates Neutral Rating, Lowers PT on Applied Materials

In a report published Wednesday, Credit Suisse Group reiterated its Neutral rating on Applied Materials

, but lowered its price target from $13.00 to $11.50. Credit Suisse noted, “Our new PT is $11.5 (from $13.00), reflects ~12x CY13 ex-cash EPS, and adding back net cash. Continue to believe that AMAT is an interesting story - IF company can restructure its less profitable divisions, increase focus on inorganic growth in segments with higher profitability and/or growth rates such as inspection and ALD.” Applied Materials closed on Tuesday at $10.39.