Wells Fargo analyst Joe Quatrochi raised his price target for Applied Materials to $67 from $62 following the company's "solid" Q4 results and Q1 guidance. Quatrochi tells investors in a research note that Applied Materials highlighted that it is seeing early signs of a recovery in memory, but says it remains too early to predict the timing and shape of the recovery, leaving investors focused on increased visibility over the coming months as industry conversations continually leave him to question a potential slip out into 2H20. The analyst maintains an Outperform rating on the shares.