Morgan Stanley Raises Applied Materials Price Target to $454

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.”

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