Credit Suisse Group Increases Applied Materials, Inc. (AMAT) Price Target to $62.00

Applied Materials, Inc. (NASDAQ:AMAT) had its target price increased by analysts at Credit Suisse Group from $5.00 to $62.00 in a research report issued to clients and investors on Friday. The firm presently has an “outperform” rating on the manufacturing equipment provider’s stock. Credit Suisse Group’s target price suggests a potential upside of 39.95% from the company’s current price. The analysts noted that the move was a valuation call.

A number of other research analysts have also recently commented on the company. Morgan Stanley reissued an “overweight” rating and issued a $52.00 target price on shares of Applied Materials in a research note on Monday, August 14th. Zacks Investment Research cut Applied Materials from a “buy” rating to a “hold” rating in a research note on Monday, August 14th. B. Riley reissued a “buy” rating and issued a $56.00 target price on shares of Applied Materials in a research note on Monday, August 14th. Vetr raised Applied Materials from a “buy” rating to a “strong-buy” rating and set a $48.16 target price on the stock in a research note on Thursday, August 10th. Finally, BidaskClub cut Applied Materials from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 2nd. Five research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company’s stock. Applied Materials currently has a consensus rating of “Buy” and an average target price of $43.34.

Applied Materials (NASDAQ:AMAT) opened at 44.30 on Friday. The stock has a 50 day moving average price of $44.44 and a 200 day moving average price of $41.31. The company has a market cap of $47.45 billion, a price-to-earnings ratio of 15.75 and a beta of 1.82. Applied Materials has a 52 week low of $27.56 and a 52 week high of $47.86.

Applied Materials (NASDAQ:AMAT) last released its earnings results on Thursday, August 17th. The manufacturing equipment provider reported $0.86 EPS for the quarter, beating the Zacks’ consensus estimate of $0.84 by $0.02. The business had revenue of $3.74 billion for the quarter, compared to analysts’ expectations of $3.69 billion. Applied Materials had a return on equity of 42.08% and a net margin of 22.08%. The firm’s revenue was up 32.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.50 earnings per share. On average, equities analysts forecast that Applied Materials will post $3.12 earnings per share for the current year.

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Several institutional investors have recently made changes to their positions in AMAT. Fisher Asset Management LLC acquired a new position in shares of Applied Materials during the first quarter worth $371,000. Capital Management Corp VA increased its position in shares of Applied Materials by 1.8% in the first quarter. Capital Management Corp VA now owns 231,324 shares of the manufacturing equipment provider’s stock worth $8,998,000 after buying an additional 4,076 shares in the last quarter. Oxford Asset Management acquired a new position in shares of Applied Materials during the first quarter worth $4,956,000. Karp Capital Management Corp acquired a new position in shares of Applied Materials during the first quarter worth $17,549,000. Finally, Outfitter Advisors LTD. increased its position in shares of Applied Materials by 1.5% in the first quarter. Outfitter Advisors LTD. now owns 40,400 shares of the manufacturing equipment provider’s stock worth $1,572,000 after buying an additional 600 shares in the last quarter. 79.33% of the stock is owned by institutional investors and hedge funds.

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