Shares of Applied Material (NASDAQ: AMAT) are up in after-hours trading after the company reported earnings for its fourth quarter of Fiscal Year 2022. Adjusted earnings per share came in at $2.03, which beat analysts’ consensus estimate of $1.73 per share.
Sales increased 10% year-over-year, with revenue hitting $6.75 billion. This was also higher than the $6.437 billion that analysts were looking for.
Looking forward, management now expects revenue and adjusted earnings per share for Q1 2023 to be in the ranges of $6.3 billion to $7.1 billion and $1.75 to $2.11, respectively.
Is AMAT Stock a Good Buy?
AMAT stock has a Strong Buy consensus rating based on 17 Buys, four Holds, and zero Sells assigned in the past three months. The average AMAT stock price target of $111.26 implies 6.64% upside potential.
