Morgan Stanley Applied Materials · AMAT

Morgan Stanley Raises Applied Materials Price Target to $454

Analyst: Shane Brett 1 min read Reproduced verbatim
Rating
Overweight
Target
$454
from $432 (+5%)
Outcome
Reached
on May 26, 2026
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What the analyst said

Morgan Stanley analyst Shane Brett raised the price target on Applied Materials (NASDAQ: AMAT) to $454.00 (from $432.00) while maintaining an Overweight rating.

“Raise estimates, PT to $454. Our quant analysis finds that to be bullish AMAT is to be bullish DRAM/MU and we are bullish DRAM/MU.

We raise our CY26 forecast from $33.5bn/$12.02 to $34.7bn/$12.63 and our CY27 forecast from $40.8bn/$15.43 to $42.4bn/$16.21.

We maintain our target multiple of 28x, a 3-turn/5-turn discount to LAM/KLA, which brings up our PT from $432 to $454.

We saw the JanQ print as a leap in the right direction; we think this print will be another leap.”

Disclaimer
The price target and rating on this page are the opinion of the issuing research firm and its analyst, not of Price Target. This page is published for informational purposes only and is not investment advice, a recommendation, or an offer to buy or sell any security. Past performance does not guarantee future results. Consider your own circumstances and consult a licensed financial adviser before making investment decisions.

This research note is reproduced verbatim from the issuing firm. Price Target never edits, paraphrases or alters analysts’ words — we only republish them in one place.

Where the price stands

AMAT trades at $319. The 8 analysts who set a target in the last 3 months range from $538 to $850, with a median of $685. This $454 target is 34% below the median, the lowest on the Street.

Since the note AMAT has moved −18% (from $389). 12-month window: day 185 of 365, closes on May 4, 2027.

Track record

This call✓ Target reached on May 26, 2026, 22 days after the note.

Firm track recordMorgan Stanley: 82% of its 49 targets at least a year old were reached within 12 months (#8 of 26 firms). Accuracy ranking →

Morgan Stanley on Applied Materials

Morgan Stanley price targets on Applied Materials

8 calls from February 2, 2026 to August 17, 2026. The target went from $364 to $642 (+76%). The rating moved from Buy to Hold.

Morgan Stanley targetAMAT share price
  1. August 17, 2026Target cut from $647 (−1%)Hold$642
  2. July 6, 2026Target raised from $502 (+29%)Hold$647
  3. May 18, 2026Downgraded to Hold, kept the $502 targetHold$502
  4. May 15, 2026Target raised from $454 (+11%)Buy$502
  5. May 4, 2026 This noteTarget raised from $432 (+5%)Buy$454
  6. February 25, 2026Target raised from $420 (+3%)Buy$432
  7. February 13, 2026Target raised from $364 (+15%)Buy$420
  8. February 2, 2026Earliest call shownBuy$364
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Other analysts on Applied Materials

CantorBuy Kept rating and price target Oct 20 $850maintained EvercoreBuy Kept rating and price target Oct 13 $700maintained CitiBuy Kept rating and price target Sep 8 $710maintained UBSBuy Raised price target +3%, kept rating Sep 1 $695from $675 MizuhoBuy Cut price target −9%, kept rating Aug 25 $590from $650
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Price Target is an archive of Wall Street analyst research, published for informational purposes only. Nothing on this site is investment advice, a recommendation, or an offer to buy or sell any security. Analyst ratings and price targets are the opinions of the issuing firms, not of Price Target. Always do your own research or consult a licensed financial adviser.