Applied Materials price target raised to $450 from $340 at Stifel

Stifel analyst Brian Chin raised the firm’s price target on Applied Materials (AMAT) to $450 from $340 and keeps a Buy rating on the shares. Following a “strong” fiscal Q1 print and Q2 guidance well-above the firm’s and consensus estimates, Stifel contends that Applied Materials “checked the boxes it needed to not just exceed expectations but convince that its business is on a strong re-acceleration path.”