Applied Materials Up 4.2%; Goldman Upgrades to Buy
July 22 2019 - 11:00AM
Dow Jones News
By Michael Dabaie
Applied Materials Inc. (AMAT) shares were up 4.2% to $49.82 in
early trade.
Goldman Sachs upgraded Applied Materials to Buy from Neutral and
raised its target price to $56.
While the near-term equipment spending environment is likely to
remain weak, Goldman said it expects investors to look through 2019
and into 2020, where it is now incrementally more positive on the
potential for memory equipment and overall wafer fabrication
equipment spending to expand.
The note said Goldman expects Applied to benefit from the
improved outlook given its leading WFE share position and exposure
to memory, as well as the company's increased willingness to deploy
capital.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
July 22, 2019 10:45 ET (14:45 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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