Applied Materials upgraded to Buy at BofA on industry outgrowth

As previously reported, BofA upgraded Applied Materials (AMAT) to Buy from Neutral with a price target of $250, up from $180, on the prospects for WFE outgrowth in calendar year 2026 for the first time in four years due to robust DRAM investments. The firm, which also cites “an attractive valuation gap to large peers,” notes that it raised its calendar 2025 and 2026 WFE growth estimates by 6% and 9%, respectively.