Applied Materials price target raised to $240 from $160 at Craig-Hallum

Craig-Hallum raised the firm’s price target on Applied Materials to $240 from $160 and keeps a Buy rating on the shares following better than expected results and guidance. The company sees FY24 being driven by continued strength in dynamic random access memory, including high bandwidth memory which is expected to be up 4x year over year, and growth in leading edge foundry/logic with technology transitions, the analyst tells investors in a research note.