According to StreetInsider.com, Citi is maintaining its HOLD rating but lowering the price target from $20 to $11. 

The firm notes –

“If there was a surprise here it was the magnitude of poor order guide and the capitulation that this could take a full year to sort out. More broadly, the fact that orders are simply not flowing through to revenue/EPS means that AMAT’s backlog continues to balloon (>10mnths in Q109) and backlog isn’t necessarily safe in this environment. While there should be leverage here mid-’09, AMAT’s silicon story isn’t nearly as exciting as others’ like LRCX, so it really comes down to solar. On that front, we think AMAT should be making modules if it really has a better mousetrap, rather than relying on customers who face an uncertain financing environment.”