On August 7, Applied Materials rose 3.09% in regular trading, trading at $529.705/share, with turnover of $426 million. The stock rebounded alongside the broader semiconductor equipment sector following the previous session's selloff triggered by SanDisk's below-consensus guidance.
On the news front, the semiconductor equipment sector staged a recovery, with ASML up 2.91%, Lam Research up 2.46%, and Teradyne up 2.91%. The rebound was further supported by Citi's recent research note placing Applied Materials on its 90-day positive catalyst watch list, calling on investors to buy after the sector's sharp selloff. Citi expects Applied Materials' fiscal Q3 results on August 13 to deliver guidance above market consensus, with revenue and EPS forecasts running 3% and 2% above Street estimates, respectively. HSBC, Citi, and UBS have raised target prices to the $683-$705 range, implying significant upside from current levels. The company is expected to report EPS of $3.36 for the quarter.
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