UPDATE: Credit Suisse Maintains Neutral, Ups PT to $13 on Applied Materials

Credit Suisse reiterates its Neutral rating on Applied Materials

and raises its price target to $13 from $12 as it revises estimates according to industry outlook. Credit Suisse says, "Consistent with our industry outlook note, we are revising revenue/ EPS for CY12 from $8.66bb/$0.74 to $8.74bb/$0.77 and for CY13 from $9.24bb/ $0.88 to $9.80bb/ $1.03. We are projecting a growth in revenues for AMAT driven by recovery in Semiconductor business though overall slower silicon revenue growth remains a cause of concern." AMAT closed at $11.35 per share on Monday.