Why Applied Materials Stock Was Trailing the Broader Market on Tuesday
Although Applied Materials (NASDAQ: AMAT) stock wasn't doing badly in late-session trading on Tuesday, there were plenty of other titles that were eclipsing it. Its rise was tempered by an analyst's price target cut, which dampened sentiment on the chipmaking equipment specialist's prospects.With that moderate headwind, Applied Materials was rising by 1.7% on the day; meanwhile, the S&P 500 index was clocking a 2.3% increase.That morning, Tom O'Malley of storied bank Barclays reduced his Applied Materials price target to $160 per share, a notable shift from his previous estimation of $190. Continue reading
Although Applied Materials (NASDAQ: AMAT) stock wasn't doing badly in late-session trading on Tuesday, there were plenty of other titles that were eclipsing it. Its rise was tempered by an analyst's price target cut, which dampened sentiment on the chipmaking equipment specialist's prospects.
With that moderate headwind, Applied Materials was rising by 1.7% on the day; meanwhile, the S&P 500 index was clocking a 2.3% increase.
That morning, Tom O'Malley of storied bank Barclays reduced his Applied Materials price target to $160 per share, a notable shift from his previous estimation of $190.