Credit Suisse analyst Farhan Ahmad downgraded Applied Materials (NASDAQ: AMAT) to Hold on May 15 and set a price target of $42. The company’s shares opened today at $44.58, close to its 52-week high of $45.08.
According to TipRanks.com, Ahmad is a 5-star analyst with an average return of 32.4% and a 84.2% success rate. Ahmad covers the Technology sector, focusing on stocks such as Keysight Technologies, Rudolph Technologies, and Brooks Automation.
Currently, the analyst consensus on Applied Materials is Moderate Buy and the average price target is $45.63, representing a 2.4% upside.
In a report released yesterday, Susquehanna also reiterated a Hold rating on the stock with a $40 price target.
Based on Applied Materials’ latest earnings report for the quarter ending January 31, the company posted quarterly revenue of $3.28 billion and quarterly net profit of $703 million. In comparison, last year the company earned revenue of $2.45 billion and had a net profit of $320 million.
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Applied Materials, Inc. engages in the provision of manufacturing equipment, services and software to the global semiconductor, display, solar photovoltaic (PV) and related industries. It operates through the following segments: Silicon Systems Group, Applied Global Services, Display, and Energy and Environmental Solutions. The Silicon Systems Group segment involves in developing, manufacturing, and selling equipment used to fabricate semiconductor chips. The Applied Global Services segment encompasses services, products and solutions to optimize equipment and fab performance and productivity. The Display segment consist of manufacturing liquid crystal displays, organic light-emitting diodes, and other display technologies for televisions, personal computers, tablets, smartphones, and other consumer-oriented devices. The Energy and Environmental Solutions segment includes systems for manufacturing wafer-based crystalline silicon (c-Si) cells and modules. The company was founded on November 10, 1967 and is headquartered in Santa Clara, CA.