Needham analyst Y. Edwin Mok lowered his price target on Applied Materials to $68, saying that despite the strong Q2 earnings print, the company's Q3 outlook was "mixed" due to a near-term pullback in semiconductors. Mok keeps his Strong Buy rating longer term, citing the management's expectations of a recovery in the semi business by Q4 as well as more sustainable WFE demand forecast in FY19. The analyst also contends that Applied Materials has a strong pipeline of new Display products that can offset the anticipated slowdown in mobile OLED products.