Applied Materials Inc

AMAT: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$488.00	Jfxp	Wyxyfwlsh

Applied Materials Earnings: Positive Period Is Our Focus, Despite Rumored Investigation

William Kerwin

Nov 17, 2023

We maintain our $152 fair value estimate for shares of wide-moat Applied Materials after the firm reported good fiscal fourth-quarter results and guidance largely met our expectations. Applied continues to enjoy strong demand for lagging-edge chip equipment, particularly out of China. Management is calling for this demand to moderate through fiscal 2024, but to be offset by recovering demand in advanced logic and memory chips.

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