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Applied Materials, Inc. (NASDAQ:AMAT) reported record order growth and non-GAAP EPS for fiscal first-quarter 2017. The company appears poised for “five multi-year inflections,” Argus’s Jim Kelleher said in a report. He reiterated a Buy rating on the company, while raising the 12-month price target from $34 to $43.
Applied Materials reported order growth of 86 percent year-over-year and 40 percent quarter-over-quarter. Orders rebounded to $4.24 billion in Q1, following a steep 17 percent sequential decline in the prior quarter.
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Revenue came in at $3.28 billion, representing 45 percent year-over-year growth. The company announced a non-GAAP EPS of $0.67 per diluted share, which representing nearly 300 percent year-over-year growth, backed by strong top-line growth and volume leverage, analyst Kelleher noted.
Related Link: Applied Materials Delivers Record Earnings Per Share
Positioned For The Future
Applied Materials continues to witness extremely strong sales and order trends in Foundry and NAND Flash.
“Semiconductor companies and their merchant fab partners are seeking to execute challenging transitions to new technologies, including 3D NAND, FinFET (3D) CPUs, and 10 nm DRAM. These companies are counting on AMAT’s advanced solutions (such as AMAT’s Selectra Etch systems) and expertise in materials innovation to facilitate these transitions,” Kelleher wrote.
The analyst pointed out that Applied Materials’ ability to facilitate technology transformations would support the stock going ahead. Moreover, the company’s operations are becoming increasingly efficient and its volume leverage is growing, supporting margin expansion and accelerated profit growth.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.