On June 22, Applied Materials rose 3.03% in regular trading, trading at $631.345/share, with turnover of $698 million. The stock was driven higher after Wells Fargo significantly raised its target price from $520 to $715, maintaining an Outperform rating, implying approximately 12% upside from the current price level.
The Wells Fargo upgrade is the latest in a series of bullish calls from investment banks. Within the prior week, New Street Research raised its target from $450 to $580, and Rothschild & Co Redburn lifted its target from $450 to $560. The consensus mean price target from FactSet-polled analysts stands at approximately $543.72, suggesting the most recent upgrades represent a meaningful shift in institutional sentiment.
The wave of target price increases follows several positive catalysts, including a long-term agreement with EssilorLuxottica to co-develop AR display technology and AI glasses, as well as the launch of two new deposition and etch systems for 3D chip scaling, already adopted by leading logic and memory chipmakers for advanced node mass production.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
