Applied Materials (AMAT) Stock Gaining After Being Added to Goldman's 'Conviction Buy List'

NEW YORK (TheStreet) -- Shares of Applied Materials Inc  (AMAT) were getting a boost, up 2% to $20.36 in early market trading Wednesday, after analysts at Goldman Sachs added the company to its "Conviction Buy List" this morning.

The firm upgraded the company to "conviction buy" from "buy" and issued a $24 price target, citing an accelerating 3D NAND product cycle as well as the company's increased focus on its core business.

Goldman analysts believe the July SEMICON meeting will be a catalyst for Applied Materials shares.

Applied Materials provides manufacturing equipment, services and software to the global semiconductor, flat panel display, solar photovoltaic and related industries.

The company is based in Santa Clara, Calif.

Separately, TheStreet Ratings team rates APPLIED MATERIALS INC as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:

"We rate APPLIED MATERIALS INC (AMAT) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, impressive record of earnings per share growth, compelling growth in net income and reasonable valuation levels. We feel its strengths outweigh the fact that the company shows weak operating cash flow."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

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