Citi Raised the Firm's PT on Applied Materials (AMAT), Kept a Buy Rating

Applied Materials, Inc. (NASDAQ:AMAT) is one of the Most Undervalued High Quality Stocks to Buy According to Hedge Funds. On July 7, Citi raised the firm’s price target on Applied Materials, Inc. (NASDAQ:AMAT) from $190 to $220, while maintaining a Buy rating on the stock.

The firm also added the company to its US focus list, noting China’s agreement to restore rare earth magnets export licenses for six months, coupled with the US lifting countermeasures. The firm believes that this reduces the risk of a broader ban on semiconductor equipment, a key downside risk.

As a result, Citi increased estimates for the semiconductor equipment group, including Applied Materials, Inc. (NASDAQ:AMAT). The analysts noted that the company benefits from strong demand driven by artificial intelligence and advanced technologies like gate-all-around transistors, with sales expected to grow significantly.

Applied Materials, Inc. (NASDAQ:AMAT) is a technology company that provides equipment, software, and services to manufacture semiconductor chips and advanced displays.

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Disclosure: None. This article is originally published at Insider Monkey.