What the analyst said

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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Where the price stands

AMAT trades at $381. The 10 analysts who set a target in the last 3 months range from $500 to $850, with a median of $620. This $550 target is 11% below the median.

Since the note AMAT has moved −14% (from $441). 12-month window: day 182 of 365, closes on May 15, 2027.

Track record

This call✓ Target reached on June 11, 2026, 27 days after the note.

Firm track recordKeyBanc: 79% of its 24 targets at least a year old were reached within 12 months (#12 of 26 firms). Accuracy ranking →

Earnings reactionOne of 18 notes after Applied Materials’s May 14 results: 18 raised · 0 cut · 0 kept. See every call →

KeyBanc on Applied Materials

KeyBanc price targets on Applied Materials

5 calls from January 16, 2026 to November 13, 2026. The target went from $380 to $750 (+97%). The rating stayed Buy.

KeyBanc targetAMAT share price
  1. November 13, 2026Kept the $750 targetBuy$750
  2. June 29, 2026Target raised from $550 (+36%)Buy$750
  3. May 15, 2026 This noteTarget raised from $450 (+22%)Buy$550
  4. February 13, 2026Target raised from $380 (+18%)Buy$450
  5. January 16, 2026Earliest call shownBuy$380
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Other analysts on Applied Materials

MizuhoBuy Cut price target −14%, kept ratingCut target Nov 13 $510from $590−14% BernsteinBuy Cut price target −14%, kept ratingCut target Nov 13 $600from $700−14% UBSBuy Cut price target −8%, kept ratingCut target Nov 13 $640from $695−8% Bank of AmericaBuy Cut price target −20%, kept ratingCut target Nov 13 $520from $650−20% TD CowenBuy Cut price target −29%, kept ratingCut target Nov 13 $500from $700−29%
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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.