Redburn Atlantic analyst Timm Schulze-Melander upgraded Applied Materials to Buy from Neutral with a $175 price target. The analyst has turned positive on the semiconductor sector ahead of the last consensus earnings cuts expected in Q1 of 2024. Cyclically, most chipmakers will see improvement before wafer fabrication equipment does, the analyst tells investors in a research note. The firm adds that recent data points in DRAM “coincide with the first green shoots in several end markets.” Redburn upgrades the sector of the cyclical trough and ahead of the cuts to consensus fiscal 2024 and 2025 earnings estimates that it expects will occur during Q1.
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