TD Cowen raised the firm’s price target on Applied Materials to $185 from $165 and keeps an Outperform rating on the shares, which the firm is also naming a “best idea for 2024.” The firm cites a broad product portfolio, traction in tech inflections and what it views as an attractive valuation relative to peers. Memory recovery is a catalyst and China lagging edge sustainability “should help estimates next year,” the analyst added.
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