AMAT: Quarter Solid; Visibility Extending Through 2027

研报英文原文证据摘录

AMAT: Quarter Solid; Visibility Extending Through 2027

RBC Capital Markets, LLC

Srini Pajjuri (Analyst)

(415) 515-0779, srini.pajjuri@rbccm.com

Grant Li (Senior Associate)

(212) 299-9846, grant.li@rbccm.com

Lucas Keh (Senior Associate)

(332) 204-5324, lucas.keh@rbccm.com

May 14, 2026

Applied Materials, Inc. Outperform

NASDAQ: AMAT; USD 440.56RESEARCH Quarter Solid; Visibility Extending Through 2027 Price Target USD 520.00 ↑ 500.00

Our view: AMAT reported a solid quarter and now sees 30%+ growth Scenario Analysis* in its Systems business for CY26 (vs 20%+ prior). Visibility is extending

to 8-quarters and 2027 is shaping up to be another strong year. DRAM, Downside Current Price Upside

Advanced Logic, and Advanced Packaging are the main drivers while Scenario Price Target Scenario

ICAPS/China have stabilized. AGS (Services) is also faring better and 320.00 440.56 520.00 575.00

management raised its long term growth expectation for this segment. 27% 18% 31%

Looking ahead, we expect double-digit WFE growth to sustain for the *Implied Total ReturnsEQUITY next 2-3 years driven by GenAI, extreme tightness in Memory, and re- Key Statistics

emerging competition in Advanced Foundry. AMAT appears particularly SharesDividend:O/S (MM): 799.00.46 MarketYield: Cap (MM): 352,0070.1%

well positioned given its leadership in DRAM/Advanced Logic and exposure Avg. Daily Volume: 6,055,669

to new technologies such as GAA/BSP/4F^2. We raise estimates, raise PT,

RBC Estimates and reiterate Outperform.

FY Oct 2024A 2025A 2026E 2027E

EPS, Adj Diluted 8.65 9.42 12.15 15.77

Key points: Prev. 10.99 13.58

Outlook clears a high bar: AMAT reported 2QFY26 revenue/Non-GAAP EPS P/AEPS 50.9x 46.8x 36.3x 27.9x

of $7.91B/$2.86, above RBCe estimates of $7.65B/$2.64 and consensus EPS, Adj Diluted Q1 Q2 Q3 Q4