BofA analyst Vivek Arya lowered the firm’s price target on Applied Materials to $170 from $175 and keeps a Buy rating on the shares. The firm is unable to size the financial impact around an ongoing investigation by the U.S. government around historical shipments made to China, but notes the near-term uncertainty and stock overhang from the investigation. Separately, fiscal Q4 beat and the fiscal Q1 outlook was ahead of consensus and while BofA forecasts FY24 sales to modestly decline on ICAPS slowdown, an anticipated recovery in leading-edge logic in the second half of FY24 should help offset, the analyst tells investors.
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