Cantor Fitzgerald Raises Applied Materials Price Target to $650

Cantor Fitzgerald analyst C.J. Muse raised the price target on Applied Materials (NASDAQ: AMAT) to $650.00 (from $575.00) while maintaining an Overweight rating.

“Leading-edge foundry/logic is the primary WFE growth driver, with management citing GAA nodes as a catalyst for multiple points of market share gains.

ICAPS is expected “flat to slightly higher” in CY2026; management noted this is the first year in several where leading logic is actually outpacing ICAPS.

DRAM is one of AMAT’s fastest-growing markets, with customers aggressively adding capacity at advanced nodes driven by HBM demand.

NAND bit demand will be satisfied by upgrades rather than new wafer starts; greenfield NAND capacity not expected at scale until ~2028.”

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