TD Cowen raised the firm’s price target on Applied Materials to $165 from $160 and keeps an Outperform rating on the shares. The firm said its results and guidance were above consensus on domestic China trailing-edge logic and DRAM strength. Investors could view the 2024 growth outlook as being mixed given that 2H weighted growth in leading-edge foundry/logic as memory is offset by softer auto/industrial ICAPS demand.
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