TD Cowen Raises Applied Materials Target to $450, Sees 20%+ Growth
TD Cowen raised its price target on Applied Materials to $450 from $315 on Feb. 13, reiterating a Buy rating. With AMAT and Lam Research holding 30% of global wafer fabrication equipment, analysts expect over 20% system growth driven by rising deposition intensity, DRAM node complexity and GAA transitions.
1. TD Cowen Raises Price Target
On Feb. 13, TD Cowen analyst Krish Sankar increased the price target on Applied Materials from $315 to $450 and maintained a Buy rating, citing the company’s strong positioning in semiconductor equipment.
2. Analysts Forecast Strong Equipment Demand
The research firm projects over 20% system growth for Applied Materials and Lam Research in 2026, outpacing peers ASML and KLAC, driven by expanding deposition and etch tool requirements.
3. Share Gains and Tech Transitions
Applied Materials and Lam Research collectively account for roughly 30% of global wafer fabrication equipment; rising DRAM node complexity and the transition to gate-all-around foundry processes are expected to fuel either overall market growth or share gains.