Applied Materials upgraded to Outperform from Neutral at Mizuho

Mizuho analyst Vijay Rakesh upgraded Applied Materials (AMAT) to Outperform from Neutral with a price target of $370, up from $275. As the world’s number two wafer fab equipment supplier, Applied Materials will benefit from accelerating spending in the U.S., Taiwan and Japan, the analyst tells investors in a research note. The firm sees tailwinds for the company as it estimates 2026 WFE spending will be up 13% year-over-year in 2026 and 12% in 2027. This is a “significant acceleration” versus Mizuho’s prior expectations, the analyst notes.