Applied Materials: F2Q26 Results: It was only (AMAT)ter of time

研报英文原文证据摘录

Applied Materials: F2Q26 Results: It was only (AMAT)ter of time

Deutsche Bank

Research

Rating Company Date

Buy Applied Materials 14 May 2026

Forecast Change

North America

United States

Reuters Bloomberg Exchange Ticker Price at 14 May 2026 (USD) 440.56

AMAT.OQ AMAT US NSM AMAT

Price target 550.00

TMT

443.62 -

Semicap Equipment 52-week range 156.25

F2Q26 Results: It was only (AMAT)ter of

Valuation & Risks time

Melissa Weathers

AMAT delivered a robust F2Q print and F3Q outlook, with semi systems now

Research Analyst

expected to grow above +30% y/y in 2026, well above prior expectations for >20% +1-212-250-2134

growth. AMAT is benefitting from a broadening demand across leading edge F/L,

DRAM, and Advanced Packaging, all areas where AMAT has distinctly strong Apoorva Kumar

Research Associate

exposure and areas which we believe still have upward momentum to grow. The

+1-212-250-9286

company also endorsed the view that growth should continue into 2027, with

visibility into 2028 growth as well. All told, with large-cap semicap shares up 15- Ross Seymore

20% since the start of earnings season, we believe this outlook from AMAT clears Research Analyst

a very high investor bar, and we see the potential for this momentum to continue +1-415-617-3268

through 2026. On higher estimates and on a still-discounted valuation to peers, we

Key changes

raise our PT to $550 and reiterate our Buy-rating.

450.00 to

TP ↑ 22.2%

550.00

Positives outweigh negatives EPS (USD) 11.08 to 12.20 ↑ 10.0%

Positives: (1) AMAT raised its outlook for its Semiconductor Systems business,

31,257.1 to

now expecting it to grow more than 30% in CY26 (up from prior guide of >20% Revenue (USDm) 33,271.8 ↑ 6.4%

growth). The upward revision was predominantly driven by incremental customer Source: Deutsche Bank