UPDATE: Needham Reiterates On Applied Materials Following F4Q13 Results
In a report published Friday, Needham analyst Y. Edwin Mok reiterated a Hold rating on Applied Materials (NASDAQ: AMAT).
In the report, Needham says "AMAT's F4Q13 (Oct) results slightly beat consensus but the modest 5% orders growth is slightly disappointing versus buy-side expectations going into the call. Guidance is also below consensus mostly due to some softness in Display. With the semicap industry recovering and AMAT's technologies well leveraged to investments in FinFET and 3D NAND transition, we believe the company stands to deliver strong growth in 2014. However, we believe the current share price already reflects the positive trends and the potential synergies of the TEL (N/R) merger, which will not come until FY15 even if management is successful. Maintain our Hold."
Applied Materials closed on Thursday at $17.56.
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