Applied Materials price target raised to $240 from $220 at KeyBanc

KeyBanc analyst Steve Barger raised the firm’s price target on Applied Materials (AMAT) to $240 from $220 and keeps an Overweight rating on the shares on relative valuation. The firm cites direct AI DC exposure. KeyBanc attended SEMICON West this week. AI-device narratives dominated, but cyclical conditions in other areas remain mixed. With that backdrop, investors must now balance narrative-driven returns vs. near-term EPS expectations and valuation, the firm adds.