Following Recent Sell-Off, Shares of Wide-Moat Applied Materials Look Attractive Relative to $49 FVE
We are adding wide-moat Applied Materials to the Best Ideas list, as we remain positive on the wafer fabrication equipment, or WFE, market heading into 2019. Applied has benefited greatly from the sharp rise in spending by memory and display customers over the past few years, though recent customer commentary suggests a near-term pullback in spending for each sub-segment (especially in 3D NAND and OLED). Although we think total WFE spending will be modestly lower in 2019, we foresee Applied leve...Applied Materials provides manufacturing equipment, services and software to the semiconductor, display and related industries. The company's segments are: Semiconductor Systems, which develops, manufactures and sells a range of manufacturing equipment used to fabricate semiconductor chips; Applied Global Services, which provides integrated solutions to support equipment and fab performance and productivity; and Display and Adjacent Markets, which is comprised of products for manufacturing liquid crystal displays, organic light-emitting diodes and other display technologies for TVs, monitors, laptops, personal computers, electronic tablets, smart phones, and other consumer-oriented devices.
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