TD Cowen Raises Applied Materials Price Target to $450

TD Cowen analyst Krish Sankar raised the price target on Applied Materials (NASDAQ: AMAT) to $450.00 (from $315.00) while maintaining a Buy rating.

“AMAT & LRCX both implied +20% semi system growth in C26, above ASML/KLAC.

With AMAT & LRCX combined representing 30% of global WFE the question is whether it is the overall WFE market that will grow 20%+ or it’s a relative exposure/share gain story as dep./etch intensity increase with DRAM nodes (1-gamma) & the GAA Foundry transition.

Either way, see AMAT as well positioned to benefit. PT to $450.”

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