Applied Materials initiated with a Neutral at Cantor Fitzgerald

Cantor Fitzgerald initiated coverage of Applied Materials with a Neutral rating and $180 price target as the firm initiated coverage on 18 names in the Semiconductor & Semiconductor Equipment industries. 2023 was a much better-than-expected year for Applied, supported by supply constraints in 2022, and the firm thinks domestic China spending will hold up while at the same time leading-edge Logic/Foundry and a recovery in DRAM will support modest growth in Silicon, the analyst tells investors in a research note. The firm sees a path to Applied earnings $9.50 in EPS in 2025 with sustained growth in AGS and Display.