Evercore ISI initiated coverage of Applied Materials with an Outperform rating and $260 price target. The analyst started coverage of the semicap equipment sector with a positive view on industry fundamentals. The firm thinks four secular drivers have transitioned the group from ex-growth to a high-single digit growth industry, and models wafer fab equipment spending of $220B in 2032, up from $100B levels recently. Evercore likes all the large cap stocks, but favor Applied Materials due to its strategic approach and attractive valuation.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on AMAT:
- Applied Materials transferred with Hold rating at Deutsche Bank
- Applied Materials’ Silicon Valley plant at risk, San Francisco Chronicle says
- Ulta upgraded, Skyworks downgraded: Wall Street’s top analyst calls
- Applied Materials upgraded to Overweight from Neutral at Cantor Fitzgerald
- Taiwan Earthquake: Will Chip Supply Be Impacted?