Shares of Applied Materials (NASDAQ:AMAT) are slightly down in after-hours trading. This can be attributed to new export regulations that the company says will impact its financial results. Therefore, management has lowered its outlook for the current quarter.
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The U.S. wants to limit China’s ability to obtain important chips required for supercomputers in order to prevent China from developing advanced military capabilities.
As a result, Applied Materials is now aiming for revenue and midpoint earnings per share of around $6.4 billion and $1.66, respectively. This compares to its initial guidance of $6.65 billion in revenue and midpoint EPS of $2.
Is AMAT Stock a Buy or Sell?
AMAT has a Strong Buy consensus rating based on 17 Buys, three Holds, and zero Sells assigned in the past three months. The average AMAT stock price target of $130.15 implies 71.2% upside potential.
