UPDATE: RBC Capital Markets Reiterates on Applied Materials on Strong Order Upside From SSG

In a report published Monday, RBC Capital Markets analyst Mahesh Sanganeria reiterated an Outperform rating on

, and raised the price target from $17.00 to $20.00. In the report, RBC Capital Markets noted, “We expect AMAT SSG orders to grow 50% q/q, driven by TSMC 20nm spending, continued growth in memory orders, and flattish logic spending. Our January estimates are significantly above consensus. AMAT will likely guide in line with our expectation. We expect the company to report October results upside to consensus. We maintain Outperform rating and raise our price target to $20.” Applied Materials closed on Friday at $17.75.