UBS upgraded Applied Materials (AMAT) to Buy from Neutral with a price target of $285, up from $250. The firm cites its “significantly more bullish” outlook for wafer fab equipment spending in 2026 and 2027 for the upgrade. UBS’s revised forecast calls for 2026 WFE spending to increase more than 20% year-over-year to $136.5B, driven primarily by memory, the analyst tells investors in a research note. Applied Materials “stands out as the largest beneficiary of this DRAM spending surge,” contends the firm. It expects the company’s 2027 earnings per share to be $13.00 compared to the Street at $11.56, which it says “supports a substantially higher share price.”
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