UPDATE: Stifel Nicolaus Raises PT on Applied Materials Following 3Q13 Earnings Results

In a report published Friday, Stifel Nicolaus analyst Patrick Ho reiterated a Buy rating on Applied Materials (NASDAQ: AMAT), and raised the price target from $17.00 to $18.00.

In the report, Stifel Nicolaus noted, “On Thursday after the market close, Applied Materials reported 3Q13 (July) earnings results that essentially met ours and consensus estimates. Although after hours trading saw a further sell off due to the October quarter outlook, we do not believe management's commentary was a major surprise and is very consistent with current industry conditions (see our preview note, Applied Materials: 3Q13 Preview: Memory and FPD Providing Near Term Support, Aug. 12). In our view, any pullback represents an attractive entry point into this name.”

Applied Materials closed on Thursday at $15.33.