Applied Materials (AMAT) PT Raised to $530 at Needham

Needham analyst N. Quinn Bolton raised the price target on Applied Materials (NASDAQ: AMAT) to $530.00 (from $440.00) while maintaining a Buy rating.

The analyst commented: "Applied Materials reported strong C1Q26 results, with revenue of $7.91B (+13% QoQ) at the high-end of guidance, and non-GAAP gross margins at 50% on strong mix. Revenue was guided to $8.95B (+13% QoQ), well above consensus estimates, with NG GM expected to maintain at the current level. Management has raised their CY26 outlook with Semi systems growth >30% (vs. prior >20%), as 80% of WFE growth in CY26 expected from leading-edge foundry/logic, DRAM and advanced packaging. Visibility is the clearest management has ever seen, with customers providing 8-quarter rolling forecasts. Importantly, the company believes it has the capacity to meet this demand, and the implied deceleration beyond July is due to customer timing, which clearly implies upside potential. Our new PT is raised to $530, 32x our CY27 EPS of $16.44. Maintain Buy."

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