UPDATE: Credit Suisse Upgrades Applied Materials

by Eric Niederer, Benzinga Staff Writer

November 13, 2014 9:42 AM | 30 seconds read | Make a Comment

IN a note released earlier today, Credit Suisse analyst, John Pitzer upgraded shares of Applied Materials, Inc.

AMAT

from Neutal to Outperform and raised the price target from $22 to $28. Pitzer's upgrade is based on:

Better than expected WFE in the first half of 2015
A "solid" risk vs. reward scenario, Applied Materials currently trades below the peer average P/E ratio.
Potential structural P/E improvement for P/E

Looking ahead, Pitzer expect Applied Materials to post fourth quarter results inline with consensus and is predicting revenue of $2.26 billion with an EPS of $0.27

Market News and Data brought to you by Benzinga APIs