Applied Materials (AMAT) Seen Winning Whether WFE Growth Is Market- or Share-Driven

Core Viewpoint - Applied Materials (NASDAQ: AMAT) is gaining renewed interest from analysts, who believe the company is well-positioned for growth in both market-driven and share-driven scenarios [1]. Group 1: Analyst Insights - TD Cowen analyst Krish Sankar raised the price target for Applied Materials to $450.00 from $315.00 while maintaining a "Buy" rating [1]. - The research firm anticipates stronger semiconductor equipment demand in 2026, with over 20% system growth expected for both Applied Materials and Lam Research, surpassing competitors ASML and KLAC [2]. Group 2: Market Position - Applied Materials and Lam Research together account for approximately 30% of the global wafer fabrication equipment (WFE) market, raising questions about whether the overall WFE market will grow by 20% or if share gains will be driven by increased deposition and etch intensity due to DRAM node complexity and GAA foundry transitions [3]. - Regardless of the growth driver, Applied Materials is seen as well-positioned to benefit from these trends, with a price target set at $450 [3]. Group 3: Company Overview - Applied Materials, Inc. is a leader in materials engineering solutions, providing manufacturing equipment, services, and software to the semiconductor, display, and related industries [4].