Goldman Sachs upgraded Applied Materials (NASDAQ:AMAT) from Buy to Conviction Buy a week ago. Applied Materials stocks closed at $13.74, a 0.8% gain over the course of one week.
Applied Materials, Inc. develops, manufactures, markets, and services semiconductor wafer fabrication equipment and related spare parts for the worldwide semiconductor industry. The Company's customers include semiconductor wafer and integrated circuit manufacturers, flat panel liquid crystal displays, solar photovoltaic cells and modules and other electronic devices manufacturers.
Over the past year, Applied Materials has traded in a range of $9.95 to $13.99 and is now at $13.74, 38% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 1.2%.
There is potential upside of 5.4% for shares of Applied Materials based on a current price of $13.74 and an average consensus analyst price target of $14.48. The stock should find initial support at its 50-day moving average (MA) of $12.69 and further support at its 200-day MA of $11.44.
