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Applied Materials (NASDAQ:AMAT) was upgraded by analysts at S&P Equity Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Monday.

Shares of Applied Materials (NASDAQ:AMAT) traded up 1.04% on Monday, hitting $22.048. 4,102,328 shares of the company’s stock traded hands. Applied Materials has a 1-year low of $14.62 and a 1-year high of $21.92. The stock has a 50-day moving average of $19.71 and a 200-day moving average of $18.54. The company has a market cap of $26.841 billion and a P/E ratio of 30.99.

Applied Materials (NASDAQ:AMAT) last announced its earnings results on Thursday, May 15th. The company reported $0.28 EPS for the quarter, meeting the Thomson Reuters 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.

AMAT has been the subject of a number of other recent research reports. Analysts at Jefferies Group initiated coverage on shares of Applied Materials in a research note on Monday, June 2nd. They set a “buy” rating and a $28.00 price target on the stock. Separately, analysts at Susquehanna raised their price target on shares of Applied Materials from $13.00 to $15.00 in a research note on Friday, May 16th. Finally, analysts at Zacks reiterated a “neutral” rating on shares of Applied Materials in a research note on Friday, May 16th. They now have a $20.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have given a buy rating and three have assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $21.17.

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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