Applied Materials Outlook Supported by Memory, Advanced Packaging Demand as Margins Stay on Track, RBC Says

MT Newswires Live11-13 23:52

Applied Materials (AMAT) should benefit from strong memory, advanced logic and advanced packaging demand and a wafer fabrication equipment market expected to stay strong into 2028, while margin execution remains on track, RBC Capital Markets said in a note emailed Friday.

The company reported fiscal Q4 revenue of $10.40 billion and earnings per share of $4.16, above RBC's estimates of $10.30 billion and $4.02 and consensus of $10.30 billion and $4.06, the investment firm added.

RBC expects wafer fabrication equipment spending to grow more than 30% in calendar 2027 and Applied Materials' semiconductor systems revenue to outgrow the market after rising more than 40% in calendar 2026, with margins improving in 2027 on higher output and pricing.

Advanced packaging revenue is on track to grow about 90% in calendar 2026 on demand for high bandwidth memory, and the ICAPS segment should return to growth in 2027 as capacity utilization normalizes, the investment firm said.

RBC raised its fiscal 2027 EPS estimate to $18.78 from $17.36, set its fiscal 2028 estimate at $24.26 and kept its outperform rating and $600 price target, citing memory and advanced packaging strength and the expected market outperformance.

Price: 354.21, Change: -26.75, Percent Change: -7.02

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