In a report released today, Edwin Mok from Needham reiterated a Buy rating on Applied Materials (NASDAQ: AMAT), with a price target of $68. The company’s shares closed on Friday at $49.51.
According to TipRanks.com, Mok is a 5-star analyst with an average return of 16.1% and a 61.2% success rate. Mok covers the Consumer Goods sector, focusing on stocks such as SolarEdge Technologies, Ultra Clean Holdings, and Lam Research.
Currently, the analyst consensus on Applied Materials is Strong Buy and the average price target is $68.80, representing a 39.0% upside.
In a report issued on May 15, D.A. Davidson also maintained a Buy rating on the stock with a $70 price target.
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Based on Applied Materials’ latest earnings release for the quarter ending April 30, the company reported a quarterly revenue of $4.57 billion and net profit of $1.13 billion. In comparison, last year the company earned revenue of $3.55 billion and had a net profit of $824 million.
Based on the recent corporate insider activity of 54 insiders, corporate insider sentiment is negative on the stock.
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Applied Materials, Inc. engages in the provision of materials engineering solutions used to produce new chip and advanced display. It operates through the following segments: Semiconductor Systems, Applied Global Services, and Display and Adjacent Markets.
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