Deutsche Bank Raises Applied Materials Outlook
Deutsche Bank raised its estimate and target on Applied Materials (AMAT ).
Analyst Timothy Arcuri says an analyst meeting Monday was generally more bullish than the prior commentary suggesting signs of an early cyclical recovery in the second half of 2003, although the tone still was somewhat cautious.
Arcuri says he's mindful of questionable sustainability, however, he's seeing early signs of a cyclical recovery in the second-half of 2003 that is driven by both technology and some isolated capacity buys for leading edge applications, due to generally better yields.
Arcuri raised his 41 cents calendar 2004 earnings per share estimate to 52 cents, to reflect better near-term margin targets and cost structure. He raised his target to $23.
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