KeyBanc Raises Applied Materials Price Target to $550

KeyBanc analyst Steve Barger raised the price target on Applied Materials (NASDAQ: AMAT) to $550.00 (from $450.00) while maintaining an Overweight rating.

“AMAT shares were indicated up after its F2Q beat and guide well ahead of consensus, highlighting >30% Systems growth this year with momentum continuing into CY27 driven by leading edge logic, DRAM, and our favorite growth area: Advanced Packaging.

While AMAT’s broad-based strategic net captures multiple growth vectors at once, product innovations are also driving margin expansion (F2Q’s 50% GM was highest in >25 years).

With forward visibility at all time highs, AMAT anticipates secular WFE growth into 2028. As a result, we are reiterating OW, increasing estimates, and raising PT to $550.”

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