- The shares of Applied Materials, Inc. (NASDAQ: AMAT) have received a $160 price target by Bernstein. These are the details.
The shares of Applied Materials, Inc. (NASDAQ: AMAT) have received a $160 price target by Bernstein. And Bernstein analyst Stacy Rasgon had initiated coverage of the company shares at an “Outperform” rating.
The Bernstein research report cited the U.S. Semiconductor Capital Equipment industry as a whole with a positive long-term structural stance. And in the past few years, the cyclical environment for semiconductor capital equipment became more supportive.
Rasgon is also positive on wafer fab equipment growth in the next few years. Plus he believes that the overall wafer fab equipment spend to inflect materially higher in 2021 to $75 billion — up 19% year-over-year and hit $87 billion by 2023. This will drive semicap revenues higher and also support the stocks even after this recent run.
Along with Applied Materials, Rasgon is expecting Lam Research to have additional components for creating value and supporting multiples.
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