Credit Suisse First Boston's
John Pitzer cut
2001 earnings projections to $2.85 a share from $3.25 a share. He said in a research note that his firm is worried about growth in Applied Materials' April quarter.
"We have perhaps a more bearish view than most on the length of the current inventory correction. We are lowering our 2001 capital growth estimate from 10% to 15% to 0% to 5%"
Pitzer said he believed the company would meet its upcoming fourth-quarter earnings forecasts in the range of 73 cents a share to 75 cents. Pitzer's estimate for the quarter is 77 cents share, which he said "may be above the high end." The
First Call/Thomson Financial
26-analyst estimate is 76 cents a share for the quarter.
said it expects Applied Materials to meet fourth-quarter EPS estimates of 76 cents a share.
: 12-month price target UP to $60 from $48 at CSFB.
PNC Financial Services
: 12-month price target UP to $85 from $75 at
: price target UP to $52 from $47 at
: UP to strong buy from buy at CSFB.
: 12-month price target DOWN to $26 from $35 at UBS Warburg.
: 12-month price target DOWN to $65 from $70 at UBS Warburg.
: 12-month price target DOWN to $60 from $50 at UBS Warburg.
: NEW intermediate accumulate and NEW long-term buy at
Johnson & Johnson
: NEW add rating at
and 12-month price target of $107 a share.