Stifel analyst Patrick Ho said he thinks the afterhours selloff in Applied Materials shares following the company's earnings report appears overdone as he does not believe the company said anything that would be a major surprise. Applied's comments regarding market share loss are due to mix and customer spending, not because of widespread competitive losses, Ho tells investors. While Applied management did not call an exact bottom, he believes the market is "near or already at a bottom at this time," Ho added. He maintains a Buy rating and $63 price target on Applied Materials, stating that he sees the stock being attractively valued.