Applied Materials price target raised to $230 from $170 at JPMorgan

JPMorgan raised the firm’s price target on Applied Materials to $230 from $170 and keeps an Overweight rating on the shares. The company reported solid January quarter results, driven by resilient mature foundry/logic demand, continued strength in DRAM, and growth in the emerging area of advanced packaging, 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 versus wafer fab equipment over the next several years.