Barclays analyst Tom O’Malley upgraded Applied Materials (AMAT) to Overweight from Equal Weight with a price target of $360, up from $250. The stock has underperformed due to “valid concerns” around the company’s China competition and exposure, the analyst tells investors in a research note. However, Barclays believes the recent uptick in DRAM spend makes the stock “worth owning.” Memory exposure begins to favor Applied Materials in 2026, contends Barclays.
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