- Needham maintains a Strong Buy rating but lowers its Applied Materials (NASDAQ:AMAT) price target from $72 to $68, a 37% upside to Friday’s close.
- Firm says AMAT reported a strong Q2 but mixed guidance on a near-term pullback on semiconductors. Management expects the business to recover by Q4 and sees a sustainable WFE in C19.
- Needham recommends that long-term investors use the near-term volatility as a buying opportunity.
- Source: Briefing.com.
- Applied Materials shares are up 2.3% premarket to $50.63.