Argus analyst Jim Kelleher raised the firm’s price target on Applied Materials (AMAT) to $500 from $420 and keeps a Buy rating on the shares after its Q2 earnings beat last week. The company appears well positioned for long-term growth based on cyclical, demographic, and secular factors, the analyst tells investors in a research note. The newest industry drivers are soaring demand for massive CPU and GPU configurations to power large language models for generative AI and now agentic AI, while the onshoring of semiconductor fabrication is seen as a national security priority, the firm added.
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