BUZZ-Applied Materials hits record high after Susquehanna upgrade

Reuters01-13
BUZZ-<a href="https://laohu8.com/S/AMAT">Applied</a> Materials hits record high after Susquehanna upgrade

** Shares of Applied Materials AMAT.O rise 2% to $307.36, hitting a record high, on Monday after Susquehanna analysts upgraded the semiconductor systems company to "positive" from "neutral"

** AMAT is also on track for two straight sessions of gains

** "Recent checks suggest the SCE industry is preparing for $120 billion in wafer fabrication equipment (WFE) spending. Additionally, while supply chain bottlenecks make the path to $150 billion volatile, the bigger picture is often overlooked: with global semi revenues trending to >$1 trillion, WFE supply chains must prepare for spending well above $150 billion!," Susquehanna analysts led by Mehdi Hosseini said in a note

** AMAT is a leading provider of manufacturing equipment to chipmakers

** Susquehanna more than doubled its PT on AMAT to $400 from $180

** Among 34 analysts covering AMAT, avg rating is "BUY" and median PT is $265

** AMAT is up 19.7% YTD vs NASDAQ Composite Index's .IXIC 2.3% increase

(Reporting by Chibuike Oguh in New York)

((Email: Chibuike.Oguh@thomsonreuters.com; Phone: +332-219-1834; Reuters Messaging: chibuike.oguh.thomsonreuters.com@reuters.net))

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