Morgan Stanley downgraded Applied Materials (AMAT) to Equal Weight from Overweight with a $502 price target The magnitude of Morgan Stanley’s DRAM wafer fab equipment revisions have narrowed, and the firm is now more positive on NAND wafter fab equipment revisions from here, the analyst tells investors in a research note. Morgan Stanley thinks Applied Materials will be a share gainer in 2026 but given that its growth forecast is in-line with the broader wafter fab equipment market in 2027, the firm thinks the stock’s valuation discount to peers is unlikely to narrow in the near term.
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