Applied Materials price target raised to $220 from $190 at Citi

Citi raised the firm’s price target on Applied Materials (AMAT) to $220 from $190 and keeps a Buy rating on the shares. The firm also added the shares to its US Focus List. With China’s agreement to restore the rare earth magnets exports licenses for six months and the U.S. lifting the countermeasures imposed, the major downside risk of a broader ban on semiconductor equipment is off the table for now, the analyst tells investors in a research note. As a result, Citi increased estimates for the major names in the semiconductor equipment group.