Applied Materials price target raised to $450 from $380 at KeyBanc

KeyBanc analyst Steve Barger raised the firm’s price target on Applied Materials (AMAT) to $450 from $380 and keeps an Overweight rating on the shares. The firm notes Applied Materials’ shares were up double digits after its Q1 report on solid guidance and a bullish call highlighting its strong position in Leading Edge Foundry/Logic, DRAM, and Advanced Packaging. KeyBanc thinks the key message from earnings so far is that AI has triggered a long-duration growth catalyst, which is providing unusually long demand visibility.