Wolfe Research Raises Applied Materials Price Target to $500
Wolfe Research analyst Chris Caso raised the price target on Applied Materials (NASDAQ: AMAT) to $500.00 (from $450.00) while maintaining an Outperform rating.
“Benefiting from strong competitive positioning in DRAM.
We believe AMAT is among the best-positioned in SCE to benefit from higher DRAM spend; reflected in the company’s comments to expect DRAM to be its fastest growth segment in CY26.
We expect DRAM additions to be more back-half weighted in CY26, due to clean room space limitations.
We model AMAT’s DRAM revenue up 34% in CY27, driven by AMAT’s strong positions in deposition and conductor etch, as well as HBM-related advanced packaging.
In particular, we expect HBM packaging to grow significantly y/y following a slower CY25 (i.e. following Samsung’s HBM challenges).
We model AMAT’s NAND business up 10% y/y in CY27; AMAT’s exposure in NAND remains weaker than peers.”
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