Applied Materials Inc. shares got a downgrade from Craig-Hallum analysts, while Deutsche Bank maintained a hold rating on the stock.
Shares of the supplier of equipment/software for semiconductor chips got downgraded to hold by Craig-Hallum. Applied Materials executives declined to call their fiscal third-quarter results the bottom of the current down cycle, citing the uncertainties/headwinds in global economic environment. This apparent hesitation was a factor in Craig-Hallum's downgrade of the company’s stock. Craig-Hallum analysts cut their price target on the shares to $46 from $50.
On the other hand, Deutsche Bank decided to keep its hold rating on the stock, and left the price target unchanged at $47.
Applied Materials beat the latest quarterly earnings estimates. The company reiterated its guidance for 2019, expecting a double-digit decline (mid to high teens) in wafer fabrication equipment sales and a rebound in 2020.