Applied Materials price target raised to $365 from $305 at B. Riley

B. Riley analyst Craig Ellis raised the firm’s price target on Applied Materials (AMAT) to $365 from $305 and keeps a Buy rating on the shares. A foundry bellwether’s broadly positive update drove shares up 7% pre-market amid a supportive geopolitical backdrop and expectations for materially higher U.S. semiconductor capex, the analyst tells investors in a research note. Outlooks across semis, semi equipment, and OSATs point to above-consensus 2026 growth on strong AI demand, rising WFE spending toward $120B+, and continued CoWoS capacity tightness benefiting TSMC (TSM) partners, the firm says.