Applied Materials price target raised to $250 from $240 at Wells Fargo

Wells Fargo raised the firm’s price target on Applied Materials (AMAT) to $250 from $240 and keeps an Overweight rating on the shares. The firm says that SEMICON West reinforced its positive long-term secular position of semi cap. As expected, near-term demand commentary remains unchanged, while meetings suggest the recent enthusiasm for emerging AI NAND opportunities have yet to result in a change in near-term order trajectory, Wells adds.