Applied Materials, Inc. (NASDAQ:AMAT) has gained more than 18% over the past month, mainly due to strong demand commentary.
Analysts project the company to grow its EPS by more than 36% over the next year
Applied Materials, Inc. (NASDAQ:AMAT) is also among our Best Stocks to Buy Now for High Returns. Recently, on July 9, Mizuho raised the firm’s price target from $540 to $650 and maintained an Outperform rating on the shares. The firm noted that the wafer fab equipment earnings estimates are supported by strong demand driven by AI.
The firm also expects advancements in edge logic and memory chips, which will act as a tailwind. Mizuho noted improving price targets across the semiconductor equipment companies as it sees AI driving demand for DRAM and NAND. Similarly, on the same day, TD Cowen also raised the price target on AMAT from $525 to $700, while maintaining a Buy rating on the shares.