Shares of Applied Materials (NASDAQ:AMAT) fell in after-hours trading after the company reported earnings for its fourth quarter of Fiscal Year 2023. Earnings per share came in at $2.12, which beat analysts’ consensus estimate of $1.99 per share. Sales decreased by 0.4% year-over-year, with revenue hitting $6.72 billion. This beat analysts’ expectations by $220 million.
Looking forward to Q1 2024, management now expects revenue to reach $6.47 billion (plus or minus $400 million) and adjusted earnings per share to be in the range of $1.72 to $2.08. For reference, analysts were expecting $6.37 billion in revenue, along with an adjusted EPS of $1.83.
What is the Target Price for AMAT?
Turning to Wall Street, analysts have a Strong Buy consensus rating on AMAT stock based on 18 Buys, three Holds, and one Sell assigned in the past three months, as indicated by the graphic below. Furthermore, the average AMAT stock price target of $162.52 per share implies 5% upside potential.
