Mizuho Securities affirmed a buy rating on the Santa Clara, Calif., company while raising its price target to $155 a share from $130. The investment firm called the company's guidance "potentially conservative" and said it was well-positioned for the long term.
Needham also maintained its buy rating while raising its price target to $153 from $130.
The firm called AMAT's outlook "prudent" and a "blessing in disguise" as it showed the company was confident "in a much less volatile and a more steadily growing" wafer-fabrication-equipment industry.
KeyBanc affirmed an overweight rating while raising its price target on AMAT to $151 from $144. The firm says Applied Materials gave "a compelling demand outlook and technology roadmap." It called AMAT's conservative guidance "very achievable," according to Bloomberg.
Stifel affirmed a buy rating and $160 price target. It said AMAT "highlighted emerging market opportunities and how it was well positioned to not only capitalize but sustainably outperform the industry."
Morgan Stanley maintained its equal-weight rating and $113 price target while calling the analyst day "a very constructive and reasonable look at a strong cyclical environment with a longer-term growth backdrop."
On Tuesday evening, Applied Materials said that by 2024 it planned to grow revenue more than 55% and more than double adjusted earnings per share.
The stock closed down 2.5% Tuesday. But at last check it was up 0.4% at $140.07.