Applied Materials price target raised to $170 from $165 at JPMorgan

JPMorgan raised the firm’s price target on Applied Materials to $170 from $165 and keeps an Overweight rating on the shares. Despite semiconductor and wafer fab equipment spending being down in 2023, Applied Materials is set to outpace the market, driven primarily by its “healthy exposure” to foundry/logic, which remains relatively strong compared to memory and advanced logic/foundry, the analyst tells investors in a research note. The firm believes Applied is well positioned to benefit from multiple upcoming technology inflections that should drive outperformance.