After Applied Materials reported that its October quarter would likely be a trough and that it expects its January quarter to be flat to up from October, Stifel analyst Patrick Ho said he had anticipated a sharper recovery but believes customer mix and timing of shipments are impacting Applied relative to its peers. Despite the near-term headwinds, he would use any pullback as an opportunity to buy shares given that he still views his long-term thesis as intact. To reflect lower FY19 EPS estimates, Ho lowered his price target on Applied shares to $70 from $75, but he maintains a Buy rating on the stock.