Benzinga | Dec 1, 2021 01:19PM EST

Citi Sees 12.4% Upside In This Semiconductor Company, Shares Pop

* Citi analyst Atif Malik raised the price target on Applied Materials Inc (NASDAQ:AMAT) to $175 from $160, implying 12.4% upside, and reiterated a Buy.

* The analyst updated his model to reflect the company's balanced end-market mix and benefits from 3D devices.

* Applied Materials reported Q4 FY21 revenue of $6.12 billion, missing the consensus of $6.34 billion. EPS of $1.94 missed the consensus of $1.95.

* Applied Materials sees FY22 revenue of $5.91 billion - $6.41 billion, below the consensus of $6.5 billion. It sees EPS of $1.78 - $1.92, below the consensus of $2.01.

* Price Action: AMAT shares traded higher by 4.78% at $154.22 on the last check Wednesday.