Argus Raises Applied Materials Price Target to $500
Argus analyst James Kelleher raised the price target on Applied Materials (NASDAQ: AMAT) to $500.00 (from $420.00) while maintaining a Buy rating.
“Applied has increased its dividend for nine consecutive years, including double-digit hikes in 2026, 2025, and 2024.
The AMAT board has also approved a share repurchase authorization enabling the company to buy back an additional $10 billion of its shares.
Over the past 10 years, Applied has distributed nearly 90% of free cash flow to shareholders.
Following incentive-driven growth in U.S. semiconductor production from the CHIPS Act, the Trump administration has expressed its commitment to growing the U.S. semiconductor industry.
Despite rallying with the tech sector and perceived AI beneficiaries, AMAT appears attractive on prospects for long-term top-line growth and margin expansion, as well as on valuation.
We are reiterating our BUY rating and raising our 12-month target price to $500 from $420.”
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