Category: Markets
Published: 2026-06-28T19:07:03.000Z
Bank of America has significantly raised its price target for Applied Materials (AMAT) to $720 from $540, maintaining a Buy rating, fueled by a bullish outlook on the semiconductor market, which it projects to reach $2.7 trillion by 2030 due to AI and memory chip demand. Despite the upgrade, AMAT's stock dropped 8% on the same day, indicating some investor skepticism. Applied Materials is well-positioned with new technologies targeting DRAM and advanced packaging, competing with industry giants like ASML and Lam Research, as BofA bets on AI demand leading to a structural shift rather than cyclical patterns.
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