Analyst Edwin Mok of Needham and Company reiterated his Buy rating on Applied Materials, Inc. (NASDAQ:AMAT) with a raised price target of $29, marking a 15% increase from current levels. AMAT announced its new products ahead of SEMICON West. The analyst expects these new products will increase revenues as early as F2H16 and into 2017. The company’s materials engineering innovation, which will help “deliver long-term sustainable growth”, is encouraging to the analyst. Mok expects industry momentum and increased revenue from these products to drive up the stock price.
According to TipRanks, Mok has a success rate of 55% with an average return of 1.9% per recommendation.