Why Applied Materials Is Trading Higher Today
Applied Materials Inc (NASDAQ:AMAT) is trading higher Monday morning after the company received a slew of price target increases on Friday following better-than-expected earnings.
What Happened: On May 20, Applied Materials reported better-than-expected quarterly financial results. The company reported earnings of $1.63 per share, which beat the estimate of $1.51 per share. It reported quarterly revenue of $5.58 billion, which beat the estimate of $5.41 billion.
On May 21, multiple analysts increased price targets for the stock.
- Morgan Stanley maintained Applied Materials with an Equal-Weight rating and raised the price target from $137 to $139.
- Mizuho maintained Applied Materials with a Buy rating and raised the price target from $155 to $158.
- Susquehanna maintained Applied Materials with a Positive rating and raised the price target from $155 to $170.
- JP Morgan maintained Applied Materials with an Overweight rating and raised the price target from $146 to $160.
President and CEO Gary Dickerson and senior vice president and CFO Dan Durn will participate in the JP Morgan Technology, Media and Communications Conference at 2 p.m. EDT.
Price Action: Applied Materials traded as high as $146 and as low as $53.31 over a 52-week period.
At last check Monday, the stock was up 4.66% $134.64.
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