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Fly News Breaks for February 13, 2020
AMAT
Feb 13, 2020 | 08:13 EDT
DA Davidson analyst Thomas Diffely upgraded Applied Materials to Buy from Neutral with a price target of $76, up from $55, after its Q1 earnings beat and above-consensus Q2 guidance. The analyst says the earnings call not only echoed positive industry comments regarding the recovery of NAND memory gaining momentum in the first half of 2020, but also marked the start of a DRAM recovery in 2020. Diffely adds that the "unprecedented spending" among the company's Logic/Foundry customers has put in a "solid base", while Applied Materials' Memory business should gemerate enough incremental growth to produce record levels of WFE spending this year.
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