In a note released Monday, JP Morgan upgraded shares of Applied Materials AMAT from Neutral to Overweight and raised the price target from $19 to $30.
Shares of the company have risen almost three percent in the pre-market session.
The upgrade was driven by Applied Materials' "solid" position in the semiconductor equipment market, continued positive outlook on the Moore's Law-driven Wafer equipment and "improving" confidence in the completion of the merger with Tokyo Electron in the second half of 2014.
Looking forward, the team at JP Morgan sees the potential for "significant" earnings power from Applied Materials in fiscal 2016 and 2017.
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