Wells Fargo Believes Applied Materials (NASDAQ: AMAT) Won’t Stop Here

By Carrie Williams

In a report released yesterday, Aaron Rakers from Wells Fargo maintained a Buy rating on Applied Materials (AMATResearch Report). The company’s shares closed last Monday at $65.24, close to its 52-week high of $69.44.

According to TipRanks.com, Rakers is a 5-star analyst with an average return of 21.6% and a 69.1% success rate. Rakers covers the Technology sector, focusing on stocks such as Advanced Micro Devices, Western Digital, and Cisco Systems.

Currently, the analyst consensus on Applied Materials is a Moderate Buy with an average price target of $69.88, implying a 9.8% upside from current levels. In a report released yesterday, B.Riley FBR also maintained a Buy rating on the stock with a $72.00 price target.

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The company has a one-year high of $69.44 and a one-year low of $36.64. Currently, Applied Materials has an average volume of 7.09M.

Based on the recent corporate insider activity of 46 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of AMAT in relation to earlier this year.

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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. The Semiconductor Systems segment includes semiconductor capital equipment for deposition, etch, ion implantation, rapid thermal processing, chemical mechanical planarization, metrology and inspection, and wafer level packaging. The Applied Global Services segment provides solutions to optimize equipment, performance, and productivity. The Display and Adjacent Markets segment offers products for manufacturing liquid crystal displays, organic light-emitting diodes; coating systems and display technologies for television; personal computers, tablets, smart phones, and consumer-oriented devices. The company was founded on November 10, 1967 and is headquartered in Santa Clara, CA.