Wells Fargo and Citi Raise Price Targets on Applied Materials

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Wells Fargo and Citi have raised their price targets on Applied Materials. On June 22, 2026, Wells Fargo lifted its target to $715 from $520 while maintaining an Overweight rating, citing expectations for continued positive semiconductor capital equipment results in the second quarter. Earlier, on June 17, Citi analyst Atif Malik raised the firm's target to $710 from $550 and kept a Buy rating, updating estimates across the semiconductor equipment group based on a wafer fab equipment bull case and 2028 earnings projections. Malik also pointed to a widening gap between needed DRAM and available supply as a driver for complementary solutions. Applied Materials recently introduced new deposition and etch systems for precision processing in deep and narrow 3D structures, with the president of its semiconductor products group noting that the biggest opportunities are increasingly found in materials engineering.

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Wells Fargo and Citi raised price targets on Applied Materials, citing positive outlook and new product introductions.

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