Citigroup Rates Applied Materials (AMAT) buy, $710 Price Target

Citigroup reiterates a buy rating for Applied Materials, increasing the price target to $710, a 10.91% upside from the current price.

By TradeTexts Research Desk · Published Jun 17, 2026, 3:00 PM EDT · Updated Jun 24, 2026, 9:01 AM EDT

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Citigroup rated Applied Materials, Inc. ($AMAT) "buy" with a $710 price target on June 17, 2026.

Since the rating, $AMAT is down 0.7% after 1 week, down 10.7% after 1 month and down 30.9% to date (from the $592.29 close on Jun 17, 2026).

AMAT Applied Materials, Inc.

$409.29 +52.77% year to date

Daily close · Oct 16, 2026

Key Points

On June 17, 2026, Citigroup reiterated its buy rating on Applied Materials, Inc. (AMAT) and set a new price target of $710.
Citigroup's $710 price target implies 10.91% upside from Applied Materials, Inc.'s ($AMAT) current $640.18 share price.
The stock is currently trading at $640.18, significantly above its 52-week low of $196.20 and well below its high of $739.67.
Analysts have a consensus rating of strong buy for Applied Materials, with a mean price target of $640.89 based on 35 opinions.

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Citigroup's Continued Confidence

On June 17, 2026, Citigroup reiterated its buy rating on Applied Materials, Inc. (AMAT), raising its price target to $710. The stock is currently trading at $640.18 on the NasdaqGS, reflecting a strong position in the semiconductor equipment industry. Citigroup's action comes as the company continues to show robust performance in a competitive market.

Comparing Ratings Across Wall Street

Citigroup's new price target of $710 positions it above the current trading price. This contrasts with other analysts' recent ratings. For instance, on October 16, 2026, Needham maintained its buy rating but lowered its target to $580. Similarly, Evercore ISI Group kept an outperform rating with a target of $590 as of October 15. RBC Capital reiterated its outperform rating with a consistent target of $600 on October 14. These varying targets highlight a range of perspectives on Applied Materials' future performance.

How Applied Materials, Inc. Stock Has Traded

Applied Materials shares are trading at $640.18, which is well above its 50-day moving average of $498.35 but below its 52-week high of $739.67. The stock's performance indicates a strong recovery from its low of $196.20. This upward movement suggests confidence among investors, particularly following Citigroup's latest call.

12-month forecast

$AMAT price target

Applied Materials, Inc. daily closes and this analyst's $710 target. Not advice.

Recent Earnings

In its most recent earnings report, Applied Materials reported revenue of approximately $30.8 billion, with a revenue growth of 24.8%. The company has a net margin of about 30.05% and a return on equity (ROE) of 41.07%. These figures show that Applied Materials is performing well financially, which may support the optimistic outlook reflected in Citigroup's rating.

Earnings drift grade

Outlook vs expectations on the last report — not price action.

A- 83/100

Reported May 14, 2026

Forward outlook
20 analysts raised price targets.
EPS & revenue
EPS beat estimates by 5.9%. Revenue beat estimates by 12.9%.
Profit surprise
EBITDA beat by 52 percent. Operating income beat by 24 percent.
Pre-earnings setup
Bar was high, analysts already very bullish.
Analyst signal
20 target raises.
Earnings quality
Gross margin up 0.8 points. Operating margin up 1.3 points. Positive free cash flow.

Earnings Call Summary

Applied Materials delivered record revenue of $7.91 billion this quarter driven by strong artificial intelligence infrastructure demand. The company sees its highest gross margin in over 25 years at 50 percent. Management highlighted that artificial intelligence is diversifying beyond training into new areas like agentic applications, which increases demand for memory and processors, and they expect continued strong growth into 2027 and beyond as customers build new factories.

Guidance Applied expects about $8.95 billion in revenue next quarter, up nearly 23 percent from last year. The company expects earnings per share of $3.36, up nearly 36 percent. Management raised its full-year equipment growth outlook to more than 30 percent as artificial intelligence demand accelerates and customers add production capacity.

Clearly positive report. Results were better than expected, though the forward reset is not the strongest.

Analysts Set New Price Targets

Overall, analysts have a consensus rating of strong buy for Applied Materials, with a mean price target of $640.89 based on 35 opinions. This suggests that market experts are generally optimistic about the company's future performance, despite some varying views on specific price targets.

About Applied Materials

Applied Materials, Inc. provides equipment and services for the semiconductor industry. The company is a key player in materials engineering, helping to improve the manufacturing processes of chips and electronic devices. Citigroup's support with a buy rating and a higher target reflects confidence in the company's ongoing growth and innovation.

What’s Next?

Investors will be watching closely as Applied Materials approaches its next earnings report, scheduled for November 12, 2026. The recent reiteration of the buy rating by Citigroup and the varying opinions from other analysts will likely influence market sentiment leading up to that date. Remember, the insights from Citigroup reflect their position as of June 17, 2026, and may not represent the current investment stance.