Applied Materials Gets Price Target Bumps By Analysts Following Upbeat Earnings

Applied Materials, Inc. AMAT reported better-than-expected earnings and sales results for its second quarter.

Applied Materials issued earnings of $2.00 per share, which came ahead of the $1.84 Street estimate, on revenues of $6.63 billion, ahead of the $6.38 billion estimate.

The company also said it sees Q3 adjusted earnings of $1.56 to $1.92 per share.

Applied Materials shares fell 1.4% to $128.10 in pre-market trading.

These analysts made changes to their price targets on Applied Materials following earnings announcement.

• Barclays raised the price target on Applied Materials from $90 to $100. Barclays analyst Raimo Lenschow maintained an Underweight rating.
• Citigroup lifted the price target on Applied Materials from $136 to $160. Citigroup analyst Atif Malik maintained a Buy rating.
• Mizuho raised the price target from $136 to $140. Mizuho analyst Vijay Rakesh maintained Applied Materials with a Buy.
• Needham boosted the price target from $135 to $140. Needham analyst Quinn Bolton maintained the stock with a Buy.
• JP Morgan raised the price target from $140 to $145. JP Morgan analyst Harlan Sur maintained Applied Materials with an Overweight.
• Stifel increased the price target from $140 to $150. Stifel analyst Brian Chin maintained Applied Materials with a Buy.
• Wells Fargo increased the price target from $135 to $150. Wells Fargo analyst Joseph Quatrochi maintained Applied Materials with an Overweight.
• TD Cowen boosted the price target from $145 to $150. TD Cowen analyst Krish Sankar maintained the stock with an Outperform.
• Goldman Sachs raised the price target from $120 to $135. Goldman Sachs analyst Toshiya Hari maintained Applied Materials with a Buy.

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