Applied Materials price target raised, named a Top Pick at Morgan Stanley

Morgan Stanley raised the firm’s price target on Applied Materials (AMAT) to $432 from $420 and keeps an Overweight rating on the shares, which the analyst also formally instated as Top Pick in U.S. Semiconductor Production Equipment. The firm raised its 2026 and 2027 wafer fab equipment market growth forecasts to 23% and 27% from 13% and 19%, respectively, driven by DRAM memory spending, the analyst tells investors.