KeyBanc raised the firm’s price target on Applied Materials (AMAT) to $285 from $240 and keeps an Overweight rating on the shares. Following internal review and analysis, the firm is adjusting Applied Materials’ estimates. KeyBanc continues to believe Applied Materials shows superior relative valuation vs. peers, which it thinks have higher embedded expectations. The firm continues to believe in a multi-year demand tailwind driven by power/performance hungry AI uses and devices, driving the leading-edge tech, and benefiting Applied Materials and equipment makers levered to those markets.
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