Cowen and Company Increases Applied Materials Price Target to $26.00 (AMAT)
Stock analysts at Cowen and Company lifted their price objective on shares of Applied Materials (NASDAQ:AMAT) from $20.00 to $26.00 in a report issued on Friday, Stock Ratings Network reports. The firm currently has an “outperform” rating on the stock. Cowen and Company’s price target would suggest a potential upside of 39.11% from the company’s current price.
Several other analysts have also recently commented on the stock. Analysts at Zacks reiterated a “neutral” rating on shares of Applied Materials in a research note on Thursday, May 1st. They now have a $20.00 price target on the stock. Separately, analysts at Summit Research initiated coverage on shares of Applied Materials in a research note on Wednesday, April 23rd. They set a “buy” rating on the stock. Finally, analysts at Citigroup Inc. reiterated a “buy” rating on shares of Applied Materials in a research note on Tuesday, April 22nd. They now have a $22.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company’s stock. Applied Materials has an average rating of “Buy” and a consensus price target of $20.41.
Applied Materials (NASDAQ:AMAT) opened at 18.69 on Friday. Applied Materials has a 52-week low of $14.34 and a 52-week high of $21.16. The stock’s 50-day moving average is $19.39 and its 200-day moving average is $18.23. The company has a market cap of $22.635 billion and a P/E ratio of 47.92. Applied Materials also was the recipient of a large growth in short interest in April. As of April 30th, there was short interest totalling 72,492,782 shares, a growth of 2.0% from the April 15th total of 71,076,730 shares. Currently, 6.0% of the shares of the stock are sold short. Based on an average daily trading volume, of 13,418,496 shares, the short-interest ratio is presently 5.4 days.
Applied Materials (NASDAQ:AMAT) last posted its quarterly earnings results on Thursday, May 15th. The company reported $0.28 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.28. The company had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.35 billion. Analysts expect that Applied Materials will post $1.07 EPS for the current fiscal year.
Applied Materials, Inc (NASDAQ:AMAT) provides manufacturing equipment, services and software to the global semiconductor, flat panel display, solar photovoltaic (PV) and related industries.
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