Applied Materials price target raised to $222 from $185 at BofA

BofA raised the firm’s price target on Applied Materials to $222 from $185 and keeps a Buy rating on the shares. Following the company’s quarterly report, the firm raised its calendar year 2024 and 2025 pro forma EPS estimate by 6% and 9%. BofA believes Applied Materials is well leveraged across multiple technology enablers of AI silicon, including high-bandwidth memory, advanced packaging and leading-edge logic, the analyst tells investors.