Applied Materials Up 5.5% After Earnings

By Michael Dabaie

Applied Materials Inc. (AMAT) shares were up 5.5%, to $43.94, in early trading Friday.

The materials engineering company Thursday reported second-quarter revenue of $3.54 billion, beating FactSet consensus for $3.49 billion. Earnings per share came to 70 cents, above FactSet consensus of 66 cents. Applied Materials said results were toward the top-end of its guidance range.

The company guided for third-quarter sales of about $3.525 billion, plus or minus $150 million and adjusted EPS of 67 cents to 75 cents.

UBS raised its price target on Applied Materials to $49 a share from $45, and maintained it at Neutral. Wells Fargo raised its price target to $52 a share from $45 and maintained it at Outperform, while Citigroup raised its price target to $52 from $51 and maintained at Buy.

Write to Michael Dabaie at michael.dabaie@wsj.com

(END) Dow Jones Newswires

May 17, 2019 10:22 ET (14:22 GMT)

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