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Fly News Breaks for February 13, 2020
AMAT
Feb 13, 2020 | 07:18 EDT
Credit Suisse analyst John Pitzer raised his price target for Applied Materials to $85 from $70 following quarterly results. The analyst notes that the company's guide is likely to invoke concerns of lack of additional EPS upside from here, peaking WFE/2nd derivatives, and a capped multiple. However, Pitzer disagrees and continues to argue for sustained multiple expansion as SCE is clearly moving from "Just Cyclical" back to "Growth Cyclical" with the amplitude of cycles greatly diminished. He has an Outperform rating on the shares.
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