Applied Materials Downgraded by RBC Capital to Sector Perform (AMAT)
Applied Materials (NASDAQ:AMAT) was downgraded by investment analysts at RBC Capital from an “outperform” rating to a “sector perform” rating in a note issued to investors on Monday, TheFlyOnTheWall.com reports. They currently have a $18.00 price objective on the stock, down from their previous price objective of $20.00. RBC Capital’s target price indicates a potential upside of 7.40% from the stock’s previous close. The analysts noted that the move was a valuation call.
A number of other firms have also recently commented on AMAT. Analysts at TheStreet downgraded shares of Applied Materials from a “buy” rating to a “hold” rating in a research note to investors on Tuesday, December 17th. Separately, analysts at Zacks reiterated a “neutral” rating on shares of Applied Materials in a research note to investors on Tuesday, November 19th. They now have a $18.00 price target on the stock. Finally, analysts at Argus reiterated a “buy” rating on shares of Applied Materials in a research note to investors on Monday, November 18th. They now have a $17.52 price target on the stock, down previously from $22.00. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $18.12.
Applied Materials (NASDAQ:AMAT) last posted its quarterly earnings results on Thursday, November 14th. The company reported $0.19 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.18 by $0.01. The company had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $1.99 billion. During the same quarter in the prior year, the company posted $0.06 earnings per share. The company’s quarterly revenue was up 20.6% on a year-over-year basis.
Applied Materials, Inc (NASDAQ:AMAT) provides manufacturing equipment, services and software to the global semiconductor, flat panel display, solar photovoltaic (PV) and related industries.
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