What the analyst said

KeyBanc analyst Steve Barger reiterated an Overweight rating and $750 price target on Applied Materials (NASDAQ: AMAT).

“AMAT shares were basically flat after the conference call. The call had numerous variations of the “is demand slowing?” question. AMAT’s consistently answered that compute demand is significant and customers want tool production to ramp faster.

AMAT said cleanroom capacity is the primary gating factor, and it is tracking >20 fab ramps and expansions in 2027, and it sees new projects into 2029-30. In response, AMAT intends to double systems output by FY28, and double manufacturing & lab capacity by 2030.

In short, demand is strong, visibility is extended, and estimates are going higher.”

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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 $750 target is 21% above the median.

12-month window: day 0 of 365, closes on November 13, 2027.

Track record

This callOpen: a 12-month target, scored on November 13, 2027, a year 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 →

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, 2026 This noteKept the $750 targetBuy$750
  2. June 29, 2026Target raised from $550 (+36%)Buy$750
  3. May 15, 2026Target 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.