With the stock down 9% following last night's results, Citi analyst Atif Malik adds Applied Materials to his "semis shopping list." The analyst keeps a Buy rating on the shares with a $57 price target. Assuming no recession and using a bear case, the analyst sees downside risk $30 per share, which he notes is not too far from current levels. As such, the stock's risk/reward looks attractive over the next 12-18 months, Malik tells investors in a research note. He believes the bad news is bottoming out and that Applied Materials shares are close to a trough.