On June 22, Applied Materials rose 3.05% in pre-market trading, trading at $636.36/share, with turnover of $38.15 million. The move was primarily driven by Wells Fargo significantly raising its target price on the stock from $520 to $715 while maintaining an outperform rating, implying approximately 12% upside from the current price level.
The upgrade follows a wave of bullish sentiment from the investment community. In the prior week, New Street Research raised its target from $450 to $580, and Rothschild & Co Redburn adjusted its target from $450 to $560. Multiple catalysts have supported the stock in recent sessions, including a long-term partnership with EssilorLuxottica to co-develop augmented reality display technology and AI-powered smart glasses, as well as the launch of two new deposition and etch systems designed for 3D chip scaling. These systems have already been adopted by leading logic and memory chipmakers for advanced node mass production, reinforcing the company's dominant position in AI computing equipment.
(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.)
