Wells Fargo analyst Joe Quatrochi raised his price target for Applied Materials to $62 from $68 ahead of the company's Q4 earnings report, saying shares already largely reflect an expectation of continued foundry/logic spending strength in Q4 and potential upside to the current Q1 consensus revenue estimate. Quatrochi tells investors in a research note that he thinks the company's commentary will continue to support the current consensus estimate calling for 2020 total revenue growth of ~11% y/y. The analyst reiterates an Outperform rating on the shares.