Applied Materials price targets raised after full-year outlook suggests 'super cycle'

• RBC (Outperform) raises Applied Materials' (NASDAQ:AMAT) price target from $95 to $140, praising the solid beat and raise and highlighting the company guiding wafer front-end market above a $70B value, setting up a potential "super cycle" for semiconductor equipment players.
• KeyBanc (Overweight) raises the PT from $104 to $144, citing the "outstanding" results that indicate AMAT is significantly outperforming the market. The company guided for 2021 growth across all segments.
• AMAT shares are up 7.3% to $121.73. Peer movers: Lam Research (NASDAQ:LRCX) +2.7%, KLA (NASDAQ:KLAC) +2.1%, ASML (NASDAQ:ASML) + 1.7%.
• Yesterday, Applied Materials reported fiscal Q1 results with record quarterly revenue and non-GAAP profit.