UPDATE: Bank Of America Reiterates On Applied Materials Following Company Analyst Day

Benzinga

In a report published Tuesday, Bank of America analyst Krish Sankar reiterated a Neutral rating on Applied Materials (NASDAQ: AMAT), and raised the price target from $23.00 to $25.00.

In the report, Bank of America noted, “AMAT held an analyst day at Semicon West in San Francisco yesterday. While there were no new updates to the financial models of AMAT stand-alone as well as AMAT + TEL combined, the management reiterated the thesis of AMAT benefitting from the technology inflections (FinFET and 3D NAND) with the goal of targeting 2-4 points of wafer fab equipment (WFE) share gains by 2016. The combined entities earnings power is still forecasted to be $2.40 at a $37B WFE environment (we don't expect any updates to the financial model until after the deal closes). With the stock already discounting $2+ in earnings power, we maintain Neutral rating.”

Applied Materials closed on Monday at $22.96.

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