Mizuho Reiterates Outperform on Applied Materials, $650 PT

Mizuho analyst Vijay Rakesh reiterated an Outperform rating and $650 price target on Applied Materials (NASDAQ: AMAT) on August 14, 2026.

“AMAT reported good JulQ and guided OctQ to $10.25B (above consensus ~$9.60B), noting broad strength driven by AI demand.

Key points: 1) AMAT raised C26E Semi Systems above its prior guide of >30% (we est up 40% y/y) with DRAM, leading edge foundry/logic, and AP strength, 2) AMAT growing above our ests 2026/2027E Global WFE up ~23%/~25% y/y, with share gains and China/ICAPS both now expected up y/y, 3) OctQ Rev/EPS guided to $10.3B/$4.02, up 12% q/q, above consensus $9.6B/$3.71, and 4) 2026E AGS to grow >20% y/y and reiterated its mid-teens% LT CAGR with improving utilization and growing installed base.

Maintain Outperform, $650 PT, raise estimates. We see AMAT well-positioned, gaining share as a leading technology enabler benefiting from secular AI spend with visibility beyond 2027E.”

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