UPDATE: Stifel Nicolaus Raises PT to $17 on Applied Materials Following FQ1 Report and Guidance

Stifel Nicolaus maintained Applied Materials

with a Buy and raised the price target from $15.00 to $17.00. Stifel Nicolaus noted, "On Wednesday after the market close, Applied Materials reported 1Q13 (Jan) earnings results that came in well above ours and consensus expectations. With regards to the 2013 WFE outlook, management raised its view to flat to -10%, with a bias towards 2H13 (CY), which we believe is generally consistent with our view as well. We also believe Applied will receive an additional boost this year in its FPD equipment business." Applied Materials closed at $13.77 on Wednesday.