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Long

$AMAT Breaks Out, More Gains To Come

NASDAQ:AMAT   APPLIED MATERIALS INC
$AMAT has been a strong performer year-to-date. The stock is up 89% since January 1 and we think there's further gains to be had. After posting strong Q4 earnings , $AMAT got a string of upgrades.

Cowen maintains an Outperform rating on Applied Materials (NASDAQ:AMAT) and lifts the target from $65 to $75 after Q4 beat and upside outlook.

The firm says investors are willing to pay 15x-16x multiples on peak earnings , which creates a path to $80/share.

Cowen also notes AMAT sees early signs of 3D NAND recovery.

More action: Evercore (Outperform) raises AMAT by $10 to $70, and KeyBanc (Overweight) moves from $54 to $70.

Applied Materials, Inc. provides manufacturing equipment, services, and software to the semiconductor, display, and related industries. It operates through three segments: Semiconductor Systems, Applied Global Services, and Display and Adjacent Markets. The Semiconductor Systems segment develops, manufactures, and sells various manufacturing equipment that is used to fabricate semiconductor chips or integrated circuits. This segment also offers various technologies, including epitaxy, ion implantation, oxidation and nitridation, rapid thermal processing, physical vapor deposition, chemical vapor deposition, chemical mechanical planarization, electrochemical deposition, atomic layer deposition, etching, and selective removal, as well as metrology and inspection tools. The Applied Global Services segment provides integrated solutions to optimize equipment and fab performance and productivity comprising spares, upgrades, services, remanufactured earlier generation equipment, and factory automation software for semiconductor, display, and other products . The Display and Adjacent Markets segment offers products for manufacturing liquid crystal displays; organic light-emitting diodes; and other display technologies for TVs, monitors, laptops, personal computers, electronic tablets, smart phones, and other consumer-oriented devices, as well as equipment for flexible substrates. The company serves manufacturers of semiconductor wafers and chips, liquid crystal and organic light-emitting diode displays, and other electronic devices. It operates in the United States, China, Korea, Taiwan, Japan, Southeast Asia, and Europe. Applied Materials, Inc. was founded in 1967 and is headquartered in Santa Clara, California.

As always, use protective stops and trade with caution.

Good luck to all!
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