Citi Raises Applied Materials Price Target to $710
On June 17, Citi analyst Atif Malik raised Applied Materials' price target to $710 from $550, maintaining a Buy rating. The revision comes as the semiconductor industry faces a widening supply gap.
Key Numbers
On June 17, Citi analyst Atif Malik raised the price target for Applied Materials, Inc. (NASDAQ:AMAT) to $710 from $550, while maintaining a Buy rating. The adjustment comes amid a growing supply gap in the semiconductor industry.
Rating Change
- Previous Price Target: $550
- New Price Target: $710
- Rating: Buy (maintained)
- Date: June 17, 2026
Analyst Rationale
Malik believes the widening supply gap in the semiconductor market supports demand for Applied Materials' manufacturing equipment. Citi also raised its valuation targets across the semiconductor sector, reflecting increased optimism.
Context
AMAT currently trades at a forward P/E of 37.54, placing it among the 10 most overvalued quantum computing stocks according to short seller data. No other analysts have issued similar comments yet.
Conclusion
The price target hike reflects analyst confidence in the company's performance amid strong semiconductor demand, but the stock remains valued above the sector average, warranting caution.
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