Applied Materials price target raised to $390 from $260 at Needham

Needham analyst Charles Shi raised the firm’s price target on Applied Materials (AMAT) to $390 from $260 and keeps a Strong Buy rating on the shares. Commentary from the Needham Growth Conference pointed to broad-based demand improvement over the past 90 days, supporting a bullish sector outlook, the analyst tells investors in a research note. Despite strong year-to-date performance, the direction for semicap remains positive, with Q4 earnings expected to deliver multiple catalysts, the firm says.