Morgan Stanley resets Applied Materials stock price forecast

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• The stock narrative has shifted from whether Applied Materials can outperform 2026 wafer fab equipment growth to how much it can outperform.

  60% confidence

• Applied Materials is one of Wall Street's clearest ways to play the AI infrastructure buildout without buying chip designers.

  60% confidence

• Applied Materials delivered another strong beat-and-raise, with upside across several parts of the business.

  60% confidence

• The rapid global build-out of AI computing infrastructure, combined with Applied Materials' positions in leading-edge logic, DRAM, and advanced packaging, supports sustained revenue and profit growth.

  60% confidence

• Applied Materials price target raised to $502; Overweight rating reiterated; stock maintained as Top Pick in semiconductor capital equipment.

  60% confidence

• Applied Materials now expects its semiconductor equipment business to grow more than 30% in calendar 2026, supported by rapid global AI infrastructure buildout and the company's positions in leading-edge logic, DRAM, and advanced packaging.

  60% confidence

• Morgan Stanley raised its full-year systems growth forecast for Applied Materials from 28.6% to 34.2%, and models the company outgrowing 2026 wafer fab equipment growth by more than 10 percentage points.

  60% confidence

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