Stifel Raises Applied Materials Price Target to $500
Stifel analyst Brian Chin raised the price target on Applied Materials (NASDAQ: AMAT) to $500.00 (from $450.00) while maintaining a Buy rating.
“Applied Materials reports F2Q(Apr) earnings May 14, which we expect to exceed ours/consensus estimates.
It should be evident that forecasts across semicap continue to strengthen, and we believe Applied is no exception.
That said, our prior checks point to Applied’s new capacity expansion in Singapore likely online toward middle/end of F3Q(Jul), thus it would not surprise us if QQ revenue growth were to decelerate in F3Q and re-accelerate in F4Q(Oct).
Our estimate revisions reflect this, yet we believe Applied remains on-track to grow CY26 semicap system revenue 20%+.
Recognizing Applied’s strength in advanced foundry and DRAM, we also estimate +20% revenue growth in CY27 (with potential for more).
We maintain our Buy rating and increase our price target to $500, 30x our new CY27 EPS.”
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