Applied Materials price target lowered to $217 from $240 at Citi

Citi analyst Atif Malik lowered the firm’s price target on Applied Materials to $217 from $240 and keeps a Buy rating on the shares. The firm updated its semiconductor equipment sector view and believes the equipment group is heading into a mid-cycle correction in the first half of 2025. While server artificial intelligence demand remains strong, consumer demand across PCs, smartphones, and auto “appears lackluster,” analyst tells investors in a research note. Citi cut estimates and, accordingly, lowered price target by 10%.