UPDATE: Piper Jaffray Cuts PT to $13 on Applied Materials on Tempered Silicon Order Recovery

Piper Jaffray reiterated its Overweight rating on Applied Materials

and lowered its price target from $15 to $13. Piper Jaffray said, "We believe silicon system orders may have likely declined another 30% q/q in Oct'12 quarter to $816m after a 41% decline in July'12 quarter given pushouts by foundries and NAND customers. We expect AMAT's Oct '12 revenues and EPS to be inline with the guidance. Although the Oct'12 quarter may very well mark the near term trough for its core Silicon system orders, we remain cautious about a meaningful recovery in this segment until 2HCY13 as Samsung spending remains likely weak in 1H'13." Applied Materials closed at $10.48 on Tuesday.