Friedman, Billings, Ramsey & Co., Inc. (AMAT) JagNotes
<<11 August 2004, 10:48am ET
AMAT: Reit Outperform - Applied Materials will release its July-ending quarter results next Tuesday, August 17, after the close. We expect Applied to meet, or exceed, our $2,150M revenue estimate, while any shortfall in gross margin percentage (driven by either FPD or services businesses), in our view, could be made up in the operating expense line. We are also expecting 5% QOQ growth for July-quarter bookings. Based on our analysis of Applied's competitors` bookings forecasts, in combination with the most recent commentary from Applied`s foundry-based customers, we expect Applied to guide to October-quarter bookings of flat-to-up 5% QOQ. And, finally, given the current concerns over rising inventory levels, we have lowered our earnings multiple, thus resulting in an adjustment of our 12-month price target, from $30 to $22, or 4.3x current book value.>> |
