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Citi Lowers Price Target on Applied Materials (AMAT), Maintains Hold Rating

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 … Read the rest