Applied Materials: Wall Street Trims Price Targets After Solid Quarter; Company Lifts Full-Year View on Wafer-Fab Demand
What happened
Multiple analysts trimmed their price targets on Applied Materials (AMAT) after the company's fiscal third-quarter report, Benzinga reported. The reductions arrived even as the chip-equipment maker posted a solid quarter and lifted its full-year guidance, citing wafer fab equipment growth above 30%. The stock finished lower in the following session.
The QL Read
The QuantLogix composite sits at 40/100 (Underweight) and the stock fell 4.78% to $370.50, with XLK Technology down 2.01% and VIX at 19.3 on the day. In a defensive-rotation tape with breadth at 45.9% advancing, the analyst target cuts extend the engine's already-cautious composite read.
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