In a report published Friday, D.A. Davidson & Co. analyst Thomas Diffely reiterated a Buy rating and $20.00 price target on Applied Materials AMAT.
In the report, D.A. Davidson & Co. noted, “Revenue of $1.99 billion and pro-forma EPS of $0.19 were slightly above the Street mean of $1.98 billion and $0.18, respectively. Total bookings of $2.05 billion increased 5% sequentially, led by building momentum in the Semiconductor Systems Group (SSG). AMAT is guiding revenue of $2.05-$2.19 billion (+3%-10% sequentially) and proforma EPS of $0.20-$0.24, shy of Street expectations of $2.21 billion and $0.24, respectively. By segment, SSG revenue is expected to increase 15%-20% quarter-over-quarter (q/q), but the total revenue growth is impacted by a seasonal 5%-10% decline in services (AGS) and a 15%-30% decline in the smaller, lumpy, Display business.”
Applied Materials closed on Thursday at $17.56.
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