What the analyst said

Needham analyst N. Quinn Bolton lowered the price target on Applied Materials (NASDAQ: AMAT) to $470 (from $580) while maintaining a Buy rating.

“Applied Materials reported a solid quarter with both revenue and gross margin above guidance, with both Semi Systems and AGS showing growth. C4Q26 (JanQ) revenue was guided to $11.1B, with gross margins expected up slightly, but revenue showing some signs of deceleration.

Outside of usual practice for the company, AMAT has guided well over 12 months ahead, expecting WFE growth in CY27 of >30% (and expecting to outperform this), with DRAM, leading-edge logic and advanced packaging driving growth, and ICAPS expected to pick up mid-year (driven by data center related applications like SiPho).

We maintain our Buy rating, but lower our PT to $470 (22x our updated CY28 NG EPS estimate) on continued sector-wide multiple compression.”

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Where the price stands

AMAT trades at $360. The 15 analysts who set a target in the last 3 months range from $470 to $850, with a median of $520. This $470 target is 10% below the median, the lowest on the Street.

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 recordNeedham: 100% of its 6 targets at least a year old were reached within 12 months. Accuracy ranking →

Needham on Applied Materials

Needham price targets on Applied Materials

3 calls from February 13, 2026 to November 13, 2026. The target went from $440 to $470 (+7%). The rating stayed Buy.

Needham targetAMAT share price
  1. November 13, 2026 This noteTarget cut from $530 (−11%)Buy$470
  2. May 15, 2026Target raised from $440 (+20%)Buy$530
  3. February 13, 2026Earliest call shownBuy$440
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Other analysts on Applied Materials

Morgan StanleyHold Cut price target −6%, kept ratingCut target Nov 13 $507from $538−6% B RileyBuy Raised price target +5%, kept ratingRaised target Nov 13 $500from $475+5% JP MorganBuy Cut price target −24%, kept ratingCut target Nov 13 $500from $660−24% StifelBuy Cut price target −8%, kept ratingCut target Nov 13 $600from $650−8% Wells FargoBuy Cut price target −18%, kept ratingCut target Nov 13 $500from $610−18%
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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.