Breaking Finance News

TRADE ALERT: Buy Applied Materials According to Pacific Crest (AMAT)

In a note published Thursday, Pacific Crest says to buy Applied Materials (NASDAQ: AMAT) as a long term hold. It expects the company to provide weak Q4 guidance but believes it will generate outsized growth in the 2015 fiscal year.

Applied Materials is a $19 billion company that provides software and manufacturing equipment to the semiconductor, flat panel display, and solar industries. The stock is up about 17 percent in the past 6 months, printing a solid ascending trend line during the calendar year. After reaching a high of $16.69, the stock has sold off and is poised to test its 50 day moving average. At $15.89 per share, the stock is 19 cents from its 50 DMA.

Sell volume is elevated and RSI is in the middle of the range at about 47. Throughout the year, the stock has held is 50 DMA making this a strong buy level if it holds.

[stock-tools exchange="NASDAQ" symbol="AMAT" image_height="230" image_width="350"]

Disclosure: At the time of this writing, the author had no position in the company mentioned.

New to Breaking Finance News? Read about our format here.

Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with MarketBeat.com's FREE daily email newsletter.