KeyBanc last night upgraded Applied Materials (AMAT) to Overweight from Sector Weight with a $225 price target The firm is positioning itself for names leveraged to artificial intelligence-related devices and leading edge transitions like gate-all-around and technologies that support improving device performance, including backside power delivery and advanced packaging. Investor expectations and embedded return expectations have improved for the front-end semiconductor capital equipment names following the average 21% selloff from early July to now, the analyst tells investors in a research note. KeyBanc says that while a broader cycle inflection is still hard to call, investors with a longer-term horizon should consider positioning for improving conditions in the second half of 2025 and beyond. It upgraded both Applied Materials and Lam Research to Overweight.
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Read More on AMAT:
- Applied Materials upgraded to Overweight from Sector Weight at KeyBanc
- Early notable gainers among liquid option names on January 16th
- Wolfe downgrades Lam Research on ‘bearish’ NAND call
- Applied Materials price target lowered to $200 from $225 at Needham
- Applied Materials price target lowered to $210 from $220 at Mizuho