Applied Materials, Inc. shares briefly rose more than 2% on Monday after Citi maintained its buy rating and raised its price target from $70 to $78, which represents a 40% premium to Friday’s closing price. The move comes after Apple, Inc. CFO Luca Maestri suggested that NAND and DRAM memory prices would move lower going into 2019 as weaker demand helps alleviate chronic supply issues.
Citi analyst Atif Malik believes that weak NAND memory spending concerns are largely priced into the sector and suggested that the second half of the year could be a good time to buy equipment stocks ahead of first quarter shipments next year. In addition to Applied Materials as a top pick in the group, the analyst recommended shares of KLA-Tencor Corporation , MKS Instruments, Inc. and ASML Holding N.V. as other opportunities. (See also: The Industry Handbook: The Semiconductor Industry.)
Applied Materials shares rallied after a price target increase, but traders will be keeping a close eye on these key levels ahead. …read more
Read more here: Will Applied Materials Break Out From Symmetrical Triangle?
Category: AMAT, KLAC, MKSI, ASML