Applied Materials price target raised to $220 from $200 at KeyBanc

KeyBanc raised the firm’s price target on Applied Materials (AMAT) to $220 from $200 and keeps an Overweight rating on the shares. The stock has lagged peers year-to-date, creating a favorable risk/reward setup, the analyst tells investors in a research note. The firm believes Applied Materials’ underperformance has been driven by concerns over mature node demand headwinds, particularly in China. However, KeyBanc thinks the company faces similar leading-edge catalysts as the rest of the group while investor sentiment is “relatively muted.”