Zacks Investment Research upgraded shares of Appld Matls Inc (AMAT) from NEUTRAL to OUTPERFORM on May 06, 2013, with a target price of $18.00.
Applied Materials is one of the world's largest suppliers of fabrication equipment to semiconductor, LCD and solar PV cell manufacturers. Applied's first quarter results beat the Zacks Consensus Estimate. Order growth was also encouraging and it appears that the company is past the bottom. Applied's results have been impacted by caution at customers stemming from a weak demand environment. Since Applied is a company with significant fixed costs, the bottom line has also taken a beating. However, the strength in mobility platforms, TV capacity builds and better utilization of resources will have a positive impact on its profitability going forward. We are therefore upgrading the shares from Neutral to Outperform.
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