Citi Sees 12.4 Percent Upside in This Semiconductor Company

By Benzinga
December 3, 2021 Updated: December 3, 2021

Citi analyst Atif Malik raised the price target on Applied Materials Inc. to $175 from $160, implying 12.4 percent upside, and reiterated a Buy.

The analyst updated his model to reflect the company’s balanced end-market mix and benefits from 3D devices.

Applied Materials reported Q4 FY21 revenue of $6.12 billion, missing the consensus of $6.34 billion. Earnings per share (EPS) of $1.94 missed the consensus of $1.95.

Applied Materials sees FY22 revenue of $5.91 billion–$6.41 billion, below the consensus of $6.5 billion. It sees EPS of $1.78–$1.92, below the consensus of $2.01.

By Anusuya Lahiri

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