As previously reported, Morgan Stanley analyst Joseph Moore downgraded Applied Materials (AMAT) to Equal Weight from Overweight, as he said he is concerned by the fact that the certainty of semiconductor capital equipment vendors "seems much higher than the conviction of the spenders." He would expect Applied Materials to express a sense of optimism about the recovery when it reports earnings next week, similar to the June quarters from equipment vendors, which he said should help the stock. However, Moore views the first quarter of 2018 as the peak and forecasts declines of about 10% next year. He lowered his price target on Applied shares to $54 from $58. Moore, who sees equipment stocks as more range-bound for the next 6-12 months, also lowered his semiconductor capital equipment industry view to In-Line from Attractive.
BofA analyst Vivek Arya raised the firm's price target on Lam Research to $1,000 from $970 and keeps a Buy rating on the shares. Lam "delivered a solid beat and raise" with growth expected to accelerate into the second half of the calendar year, says the firm, which adds that it is "beginning to see the green shoots of NAND recovery."
TD Cowen raised the firm's price target on Lam Research to $1,000 from $975 and keeps a Buy rating on the shares. The firm said NAND recovery is off to a good start with two consecutive quarters of 25-30% sequential growth and other vectors are also showing growth.
Susquehanna analyst Mehdi Hosseini lowered the firm's price target on Lam Research to $850 from $880 and keeps a Neutral rating on the shares. The firm said they posted a good print and guidance as its report and commentary were inline with Susquehanna's preview.
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