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Barchart
Anushka Dutta

Up 77% in the Past Year, This Analyst Says More Upside Is Still in Store for Applied Materials Stock

Applied Materials AMAT Mizuho Deutsche Bank Intel Corporation Taiwan Semiconductor

Semiconductor equipment manufacturer Applied Materials (AMAT) has gained about 77% over the past year on strong demand, but Mizuho analysts think the upside potential is far from over. Analyst Vijay Rakesh raised AMAT stock’s rating from “Neutral” to “Outperform” and hiked the price target from $275 to $370, implying potential upside of about 15% from current prices. 

This upgrade was based on the analyst’s view of “significant acceleration” in wafer fabrication equipment (WFE) spending through 2027. Mizuho projects WFE expenses to rise 13% year-over-year (YOY) this year and climb by 12% in 2027. 

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