2024-04-12 02:00:00 ET
One of the great stock market success stories so far in 2024 involves companies associated with artificial intelligence (AI) . One business in the thick of it is chipmaking equipment supplier Applied Materials (NASDAQ: AMAT) , which has seen its share price leap nearly 30% higher year-to-date, more than triple the percentage rate growth of the S&P 500 index.
One analyst tracking the company thinks Applied Materials' surge is nowhere near its end. He's even upgraded his recommendation and given his price target a hefty boost to underscore the point.
The Wall Street enthusiast is Cantor Fitzgerald's C.J. Muse, who recently upped his Applied Materials recommendation to overweight (read: buy) from his preceding neutral. He also made quite the change to his price target; he now believes the tech hardware stock could hit $260 per share over the next 12 months or so, up from his previous level of $220. What's more, Muse is now including Applied Materials in his collection of top picks.
For further details see:
Is Applied Materials Stock Going to $260? 1 Wall Street Analyst Thinks So.