UPDATE: Citigroup Reiterates on Applied Materials on Buying Opportunity From Display Weakness

In a report published Friday, Citigroup analyst Terence Whalen reiterated a Buy rating on

, and raised the price target from $19.00 to $20.00. In the report, Citigroup noted, “AMAT stock traded flat after market despite issuing Jan-Q EPS guidance of 20c-24c below our 28c and the Street's 23c. We would use any weakness on Friday to Buy AMAT for three reasons: 1) negative variance is fully attributable to non-core display, 2) the core semi business is poised to strengthen into 2014 on FinFET and 3D NAND technology inflections, and 3) catalysts around the Tokyo Electron merger set the stock up well into mid-2014.” Applied Materials closed on Thursday at $17.56.