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AVGOP - Applied Materials Stock: The Sell-Off Might Not Be Over
Broadcom Inc. 8.00% Mandatory Convertible Preferred Stock Series A
Applied Materials will post its FQ2 earnings report on May 19. Semi investors have become skittish over macro concerns and a potential industry downturn.
Despite its highly robust FCF yields, AMAT stock has fallen 30% from its January highs. Therefore, we believe that the market has been digesting the industry's massive 2020 surge.
Our price action analysis suggests a massive bull trap occurred in January 2022. Moreover, a series of critical resistance zones have formed.
We revise our rating from Buy to Hold, given AMAT's weaker technical outlook, impacting its risk/reward profile.