Is Applied Materials Stock Going to $260? 1 Wall Street Analyst Thinks So.
One of the great stock market success stories so far in 2024 involves companies associated with artificial intelligence (AI). One business in the thick of it is chipmaking equipment supplier Applied Materials (NASDAQ: AMAT), which has seen its share price leap nearly 30% higher year-to-date, more than triple the percentage rate growth of the S&P 500 index.
One analyst tracking the company thinks Applied Materials' surge is nowhere near its end. He's even upgraded his recommendation and given his price target a hefty boost to underscore the point.
The Wall Street enthusiast is Cantor Fitzgerald's C.J. Muse, who recently upped his Applied Materials recommendation to overweight (read: buy) from his preceding neutral. He also made quite the change to his price target; he now believes the tech hardware stock could hit $260 per share over the next 12 months or so, up from his previous level of $220. What's more, Muse is now including Applied Materials in his collection of top picks.
Source Fool.com
