Nomura Instinet analyst David Wong upgraded Applied Materials to Buy from Neutral with a price target of $68, up from $40. The copay last night reported sales for the October quarter that were above the original guidance midpoint, and guidance for the January 2020 quarter was meaningfully above consensus estimates, Wong tells investors in a research note. The analyst sees signs that a recovery in semiconductor equipment spending has begun, though he believes uncertainties remain as to the quarter-to-quarter pattern of demand through 2020. Applied Materials said it is beginning to see early signs of a recovery in NAND investments, the analyst points out.