Wells Fargo analyst Aaron Rakers lowered his price target on Applied Materials shares to $45 from $60 following the company's Q4 report and Q1 guidance, stating that he thinks shares are being pressured by a lack of visibility into WFE spend bottoming. Applied previously, following the July quarter, said that it expected a return to growth in 2Q19-4Q19, but now is unwilling to call 1Q19 a bottom, according to Rakers. Looking at the combined guidance and estimates for Applied, Lam Research (LRCX) and Tokyo Electron, he thinks investors could consider a low-20% sequential decline in NAND-related spend following a 20% quarter-over-quarter decline in 3Q18 spending levels, Rakers added. Still, he remains positive on Applied's long-term positioning and keeps an Outperform rating on the shares.