83/100BApplied Materials stock forecast 2026–2030
Analysts' average 12-month price target for Applied Materials is 659.83, 78.6% above the current price of 369.42. Their targets range from 530.00 to 900.00.
Of the 26 firms that rated Applied Materials in the past 12 months, 24 rate it buy or strong buy, 2 hold and 0 sell or strong sell (each firm at its latest rating); on average they come to Buy.
Analysts' 1-year price targets range from 530.00 to 900.00, with an average of 659.83.
| Strong buy | 0 | |
| Buy | 24 | |
| Hold | 2 | |
| Sell | 0 | |
| Strong sell | 0 |
12-month price target
| Highest target | 900.00 |
| Average target | 659.83 |
| Lowest target | 530.00 |
| Current price | 369.42 |
Applied Materials price target history
Have analysts recently raised or lowered their Applied Materials price target and rating?
How analysts rate Applied Materials, month by month
24 of 26 firms rate it buy now, against 16 of 23 in December 2025.
Each month: every firm at its latest rating from the 12 months before. Strong buys count as buys, strong sells as sells.
Applied Materials analyst upgrades, downgrades and price targets
The latest rating change came on 5 August 2026, when Erste Group downgraded Applied Materials from Buy to Hold. The most recent new target came from Evercore ISI on 15 October 2026: 590.00.
| Date | Firm | Rating | Price target | Change | Price then |
|---|---|---|---|---|---|
| 15 Oct 2026 | Evercore ISI | Reiterated · Outperform | 290.00 → 590.00 | +103.4% | 422.93 |
| 28 Sept 2026 | Morgan Stanley | Reiterated · Equal Weight | 642.00 → 563.00 | -12.3% | 479.74 |
| 1 Sept 2026 | UBS Timothy Arcuri | Reiterated · Buy | 850.00 → 695.00 | -18.2% | 458.39 |
| 25 Aug 2026 | Mizuho Securities | Reiterated · Outperform | 650.00 → 590.00 | -9.2% | 484.19 |
| 18 Aug 2026 | Argus Research | Reiterated · Buy | 500.00 → 600.00 | +20.0% | 507.69 |
| 14 Aug 2026 | UBS | Reiterated · Buy | 675.00 → 850.00 | +25.9% | 505.20 |
| 14 Aug 2026 | Seaport Global Jay Goldberg | — | 500.00 → 575.00 | +15.0% | 505.80 |
| 14 Aug 2026 | Craig-Hallum | Reiterated · Buy | 450.00 → 585.00 | +30.0% | 511.20 |
| 14 Aug 2026 | RBC Capital | Reiterated · Outperform | 520.00 → 600.00 | +15.4% | 511.40 |
| 14 Aug 2026 | Deutsche Bank Melissa Weathers | Reiterated · Buy | 550.00 → 605.00 | +10.0% | 510.63 |
| 14 Aug 2026 | Morgan Stanley | Reiterated · Equal Weight | 647.00 → 642.00 | -0.8% | 511.90 |
| 14 Aug 2026 | Bernstein | Reiterated · Outperform | 525.00 → 700.00 | +33.3% | 534.54 |
| 14 Aug 2026 | UBS | — | 705.00 → 675.00 | -4.3% | 534.54 |
| 5 Aug 2026 | Erste Group | Downgraded · Buy → Hold | — | — | — |
| 3 Aug 2026 | Goldman Sachs | — | 520.00 → 645.00 | +24.0% | 507.67 |
| 27 Jul 2026 | HSBC | Reiterated · Buy | 517.00 → 683.00 | +32.1% | 536.25 |
| 15 Jul 2026 | UBS Timothy Arcuri | Reiterated · Buy | 570.00 → 705.00 | +23.7% | 589.65 |
| 10 Jul 2026 | Stifel Nicolaus | Reiterated · Buy | 530.00 → 650.00 | +22.6% | 588.66 |
| 8 Jul 2026 | Mizuho Securities | — | 540.00 → 650.00 | +20.4% | 570.50 |
| 6 Jul 2026 | Morgan Stanley | Reiterated · Equal Weight | 502.00 → 647.00 | +28.9% | 613.08 |
| 30 Jun 2026 | Susquehanna Mehdi Hosseini | Reiterated · Positive | 500.00 → 900.00 | +80.0% | 694.64 |
| 29 Jun 2026 | Cantor Fitzgerald | Reiterated · Overweight | 650.00 → 850.00 | +30.8% | 626.84 |
| 29 Jun 2026 | H.C. Wainwright | — | 850.00 | — | 626.84 |
| 29 Jun 2026 | KeyBanc | Reiterated · Overweight | 550.00 → 750.00 | +36.4% | 626.84 |
| 26 Jun 2026 | Wells Fargo | Reiterated · Overweight | 715.00 → 740.00 | +3.5% | 668.00 |
| 26 Jun 2026 | Jefferies | Reiterated · Buy | 510.00 → 770.00 | +51.0% | 668.00 |
| 22 Jun 2026 | Wells Fargo | Reiterated · Overweight | 520.00 → 715.00 | +37.5% | 617.11 |
| 11 Jun 2026 | Barclays Tom O'Malley | Reiterated · Overweight | 500.00 → 590.00 | +18.0% | 497.01 |
| 10 Jun 2026 | UBS Timothy Arcuri | Reiterated · Buy | 515.00 → 570.00 | +10.7% | 524.89 |
| 10 Jun 2026 | Cantor Fitzgerald | Reiterated · Overweight | 575.00 → 650.00 | +13.0% | 499.21 |
| 10 Jun 2026 | Raymond James | — | 650.00 | — | 499.21 |
| 28 May 2026 | Truist Financial | — | 575.00 | — | 455.51 |
| 27 May 2026 | Mizuho Securities Vijay Rakesh | Reiterated · Outperform | 500.00 → 540.00 | +8.0% | 454.89 |
| 19 May 2026 | Argus Research Jim Kelleher | Reiterated · Buy | 500.00 | — | 401.11 |
| 18 May 2026 | Morgan Stanley | Downgraded · Overweight → Equal Weight | — | — | — |
| 15 May 2026 | Needham | Reiterated · Buy | 440.00 → 530.00 | +20.5% | 433.41 |
| 15 May 2026 | Wolfe Research | Reiterated · Outperform | 550.00 | — | 433.00 |
| 15 May 2026 | Deutsche Bank | Reiterated · Buy | 450.00 → 550.00 | +22.2% | 431.82 |
| 15 May 2026 | RBC Capital | Reiterated · Outperform | 500.00 → 520.00 | +4.0% | 430.97 |
| 15 May 2026 | UBS | Reiterated · Buy | 480.00 → 515.00 | +7.3% | 431.75 |
| 15 May 2026 | Stifel Nicolaus | — | 450.00 → 530.00 | +17.8% | 429.59 |
| 15 May 2026 | Cantor Fitzgerald | Reiterated · Overweight | 470.00 → 575.00 | +22.3% | 440.56 |
| 15 May 2026 | KeyBanc | Reiterated · Overweight | 450.00 → 550.00 | +22.2% | 440.56 |
| 15 May 2026 | Mizuho Securities | Reiterated · Outperform | 410.00 → 500.00 | +22.0% | 440.56 |
| 15 May 2026 | Goldman Sachs James Schneider | Reiterated · Buy | 390.00 → 520.00 | +33.3% | 440.56 |
| 15 May 2026 | Bernstein Stacy Rasgon | — | 425.00 → 525.00 | +23.5% | 440.56 |
| 15 May 2026 | Wells Fargo | Reiterated · Overweight | 435.00 → 520.00 | +19.5% | 440.56 |
| 15 May 2026 | Morgan Stanley | Reiterated · Overweight | 420.00 → 502.00 | +19.5% | 440.56 |
| 15 May 2026 | Barclays Tom O'Malley | Reiterated · Overweight | 450.00 → 500.00 | +11.1% | 440.56 |
| 15 May 2026 | Jefferies | Reiterated · Buy | 360.00 → 510.00 | +41.7% | 440.56 |
Applied Materials EPS and revenue estimates
Analysts expect Applied Materials's EPS to grow 41.7% a year until 2028, faster than over the last 5 years (17.2% a year) and the last 3 years (5.2%).
Analysts expect Applied Materials's revenue to grow 26.3% a year until 2028, faster than over the last 5 years (10.5% a year) and the last 3 years (3.2%).
Revenue
EPS
Does Applied Materials beat earnings estimates?
On average, analysts' EPS estimate was 5.5% off the result, either way, and their revenue estimate 1.7%, over the last 12 quarters.
- EPS beats
- 101 / 132
- Revenue beats
- 97 / 119
- Average EPS surprise, last 12
- +5.5%
- Since
- August 1993
| Quarter | Report date | EPS estimate | Reported EPS | Surprise | Revenue estimate | Reported revenue | Surprise |
|---|---|---|---|---|---|---|---|
| Q3 FY2026 | 13 Aug 2026 | 3.40 | 3.50 | +2.9% | 8.99B | 9.12B | +1.3% |
| Q2 FY2026 | 14 May 2026 | 2.68 | 2.86 | +6.7% | 7.68B | 7.91B | +3.0% |
| Q1 FY2026 | 12 Feb 2026 | 2.21 | 2.38 | +7.7% | 6.87B | 7.01B | +2.1% |
| Q4 FY2025 | 12 Dec 2025 | 2.11 | 2.17 | +2.8% | 6.68B | 6.80B | +1.7% |
| Q3 FY2025 | 14 Aug 2025 | 2.36 | 2.48 | +5.1% | 7.22B | 7.30B | +1.1% |
| Q2 FY2025 | 15 May 2025 | 2.31 | 2.39 | +3.5% | 7.13B | 7.10B | -0.4% |
| Q1 FY2025 | 13 Feb 2025 | 2.28 | 2.38 | +4.4% | 7.15B | 7.17B | +0.3% |
| Q4 FY2024 | 14 Nov 2024 | 2.19 | 2.32 | +5.9% | 6.96B | 7.05B | +1.2% |
| Q3 FY2024 | 15 Aug 2024 | 2.02 | 2.12 | +5.0% | 6.68B | 6.78B | +1.5% |
| Q2 FY2024 | 16 May 2024 | 1.99 | 2.09 | +5.0% | 6.54B | 6.65B | +1.7% |
| Q1 FY2024 | 15 Feb 2024 | 1.91 | 2.13 | +11.5% | 6.48B | 6.71B | +3.4% |
| Q4 FY2023 | 16 Nov 2023 | 2.00 | 2.12 | +6.0% | 6.52B | 6.72B | +3.0% |
Applied Materials stock price 2026–2030: scenarios
If Applied Materials's earnings keep growing at the 37.8% a year analysts expect to FY2028, it would earn about 46.76 a share in FY2030. At the P/E it has traded at over the last five years (11.8 to 26.6) that is 551.23 to 1,241.99 a share, or 910.19 at its average P/E of 19.5. This is arithmetic on the analysts' estimates, not a prediction.
| Fiscal year | EPS | Bear | Base | Bull |
|---|---|---|---|---|
| FY2026 | 12.82 | 151.07 | 249.44 | 340.37 |
| FY2027 | 18.77 | 221.26 | 365.34 | 498.52 |
| FY2028 | 24.64 | 290.40 | 479.50 | 654.30 |
| FY2029 (extrapolated) | 33.94 | 400.09 | 660.64 | 901.46 |
| FY2030 (extrapolated) | 46.76 | 551.23 | 910.19 | 1,241.99 |
Each year's EPS is the analysts' consensus to FY2028; the years after continue its 37.8% a year. Bear, base and bull apply the lowest, average and highest P/E of the last five fiscal year ends (11.8, 19.5, 26.6).
Is Applied Materials stock undervalued or overvalued?
Applied Materials's P/E of 31.7 is near the top of its 5-year range (9.9 to 67.7, median 20.5). Analysts expect faster growth than in recent years, which can explain part of the high P/E. Buyers pay less for each point of growth than usual: a PEG of 0.8 on expected growth against 1.2 on its median P/E and past five years' growth. Growing 41.7% a year, Applied Materials earns a P/E of 25.0 at a PEG of 1 (at most 25): × the next twelve months' EPS of 18.93, a fair value of 473.28; the price, 369.42, is 21.9% below it. Its forward P/E, on the consensus for FY2027, is 19.7.
Fair value on growth is a P/E equal to the EPS growth analysts expect a year (a PEG of 1, at most 25) times the earnings per share of the next twelve months; the ends of the bar are a PEG of 0.75 and 1.25 (a P/E of 18.8 and 31.3). The price against its P/E range
- Price to earnings ratio (TTM)
- 31.66
- Five-year median P/E
- 20.49
- Five-year P/E range
- 9.9 – 67.7
- Forward P/E (FY2027)
- 19.68
- PEG ratio
- 0.84
- To the average target
- +78.6%
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