Applied Materials changes positive, says Pacific Crest After Applied Materials announced the consolidation of several of its business units and hired KLA-Tencor (KLAC) veteran Ali Salehpour to run them, Pacific Crest reports that Salehpour has been very effective and well-respected. The firm thinks the consolidation should help the company meet its $200M cost reduction goal, but the firm thinks a turnaround at the company could take years and it maintains a Sector Perform rating.
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Applied Materials rises after upgrade, levels to watch Citigroup earlier upgraded the stock to Buy, with a $20 price target. The firm cited a belief that the company will benefit from increased foundry adoption of FinFET products. At the current price of $15.78, next big resistance is at $16.50. Support is at $15.40, the session low so far.
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