RBC Capital Raises Applied Materials Price Target to $430

RBC Capital analyst Srini Pajjuri raised the price target on Applied Materials (NASDAQ: AMAT) to $430.00 (from $385.00) while maintaining an Outperform rating.

“AMAT reported strong results driven by healthy WFE environment and secular technology trends.

Management did not offer explicit WFE projection but sees its Systems revenue growing 20%+ in CY26, which is near the high-end of recent outlooks from peers.

AMAT has a leadership position in DRAM/HBM, Advanced Logic, and Packaging (CoWoS), and is benefiting from strong GenAI-driven spending.

We believe China share loss concerns are overdone and expect double-digit topline momentum to sustain into 2027 despite slower mature node demand.

We raise estimates, raise PT from $385 to $430, and reiterate Outperform.”

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