Cantor Fitzgerald Raises Applied Materials Price Target to $550
Cantor Fitzgerald analyst C.J.
Muse raised the price target on Applied Materials (NASDAQ: AMAT) to $550.00 while maintaining an Overweight rating.
“Expect Demand Trends Have Only Improved in the Last 3 Months; Raising Price Target to $550: We look for AMAT to provide a beat and raise and for management to highlight a robust demand environment similar to commentary from SPE peers this earnings cycle.
We believe that AMAT now likely has visibility extending into CY28 with customers sharing build plans to facilitate today’s multi-year investment cycle.
With this as a backdrop, we continue to expect Applied’s CY26 revenues to approach $35.0B (cons. $33.6B), supporting the EPS stretch goal of $13.50 (vs. current consensus of $12.13 and expectations for consensus to move to $12.50 post conference call).
Moreover, as we expect the cycle to continue at least through CY28, we continue to point to the stretch goal of CY28 EPS of $21.50. With shares at 20x, we continue to see material upside.
We reiterate our Overweight rating and raise our price target to $550 (~25x stretch goal EPS of $21.50 in CY28). AMAT remains a TOP PICK.”
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