Nomura/Instinet Starts Applied Materials (AMAT) at Neutral

Nomura/Instinet analyst David Wong initiates coverage on Applied Materials (NASDAQ: AMAT) with a Neutral rating and a price target of $40.00.

The analyst comments "We are initiating coverage of Applied Materials (AMAT) with a Neutral rating and a $40 target price, based on an 11x multiple of our FY20 GAAP EPS estimate of $3.64. This multiple represents a discount to the stock’s average forward P/E of about 14x over the last five years, which we think is appropriate, given the near-term uncertainty in the semiconductor equipment business environment."

For an analyst ratings summary and ratings history on Applied Materials click here. For more ratings news on Applied Materials click here.

Shares of Applied Materials closed at $41.38 yesterday.

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