Applied Materials Inc. (NASDAQ:AMAT) stock climbed about 3% in Tuesday’s premarket session as semiconductor equipment stocks advanced alongside a stronger broader market.
Nasdaq futures rose 0.21%, while S&P 500 futures gained 0.15%.
Analysts Raise Price Forecasts
Adding to the bullish sentiment, Cantor Fitzgerald analyst C.J. Muse on Monday raised his price forecast on Applied Materials to $850 from $650 and reiterated an Overweight rating.
Muse said the firm continues to favor Applied Materials, alongside Lam Research Corp. (NASDAQ:LRCX) and KLA Corp. (NASDAQ:KLAC), although he expects ASML Holding (NASDAQ:ASML) to deliver the strongest earnings upside and potentially outperform after a period of relative underperformance.
