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  4. Applied Materials Tops Estimates, Analysts See It Well Positioned for Long Term
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Applied Materials Tops Estimates, Analysts See It Well Positioned for Long Term

By Senad Karaahmetovic Applied Materials (NASDAQ:AMAT) reported FQ3 results that came in higher than what the market was expecting. The Adjusted EPS came in at $1.94 on revenue of...
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Applied Materials Tops Estimates, Analysts See It Well Positioned for Long Term © Pavlo Gonchar / SOPA Images/Sipa via Reuters Connect Applied Materials Tops Estimates, Analysts See It Well Positioned for Long Term

By Senad Karaahmetovic

Applied Materials (NASDAQ:AMAT) reported FQ3 results that came in higher than what the market was expecting.

The Adjusted EPS came in at $1.94 on revenue of $6.52 billion to beat the consensus of $1.79 on sales of $6.26 billion. The adjusted gross margin was reported at 46.2%, marginally ahead of the 46.1% estimate.

As far as the current quarter is concerned, AMAT sees EPS at $2.00 at the midpoint of the guidance while analysts were looking for $1.94.

“Applied Materials delivered record quarterly revenue, yet ongoing supply chain challenges constrained our ability to meet demand, and our top priority remains increasing shipments to our customers,” said Gary Dickerson, President and CEO.

A Mizuho analyst took note of the “strong” backlog, although the macro environment is softening. As a result of the latter, he cut the price target to $150 from $160.

“We continue to see AMAT well positioned longer term, with strong product roadmap and market leadership, though we see some macro headwinds nearterm,” he added.

A Goldman Sachs analyst agrees as he also believes AMAT is well-positioned for the long term.

“We continue to see the company as a long-term winner within the context of the broader Semi Cap Equipment industry. In short, not only do we expect Applied Materials to take share in the WFE market, but we also envision the company’s margin profile improving over time, as supply/business conditions normalize and Applied’s price increases begin to materialize on the P&L,” the Goldman Sachs analyst wrote in a client note.

Unlike the Mizuho analyst, he raised the price target to $109 from $95.

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01-05-2024 10:45:17 (UTC+7)

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
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 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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