Fly News Breaks for May 21, 2019
May 21, 2019 | 08:29 EDT
Argus analyst Jim Kelleher kept his Buy rating and $50 price target on Applied Materials after its Q2 earnings beat, also noting that while the company's Q3 outlook for memory and display business is soft, his longer-term view on its prospects is "bright." The analyst believes that the demand for Applied Materials semiconductor manufacturing solutions will be sustained by the growth of Internet of Things, augmented and virtual reality, big data, and AI products. Kelleher also points to the "attractive valuation" for Applied Materials stock given its long-term revenue growth and margin expansion after its decline exceeded that of other "specialized peers".
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