Mizuho lowered the firm’s price target on Applied Materials to $225 from $245 and keeps an Outperform rating on the shares. The firm now sees 2024 and 2025 wafer fab equipment spending flat and up 2% year-over-year respectively, versus prior estimates of up 3%-4%. Mizuho sees some challenges with Intel capex cuts into 2025 and China potential high bandwidth memory restrictions. However, it also sees artificial intelligence a strong demand driver into 2025.
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