Stifel Raises Applied Materials Price Target to $340

Stifel analyst Brian Chin raised the price target on Applied Materials (NASDAQ: AMAT) to $340.00 (from $250.00) while maintaining a Buy rating.

“We view Applied Materials as a high quality/lower-beta semis/tech holding.

In our view, the company possesses a better/broader arsenal of products (portfolio) through which to attack/address semi customers’ future technology roadmap scaling/integration challenges.

Especially in the current/foreseeable climate limiting additive/external M&A in the sector, Applied has more pathways to SAM expansion/solutions engineering than many of its peers.

Ultimately, we see Applied as well on track to establish higher peak revenue/profitability through the ensuing upcycle, and warranting a higher multiple as it demonstrates improved financial performance across the cycle, and in particular during the recent downturn.”

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