Applied Materials got a price-target boost from Stifel research analyst Patrick Ho on expectation of an optimistic outlook for the company's 2020 performance.
Ahead of the semiconductor company’s fourth-quarter results scheduled to release on Thursday, Ho raised his one-year price target on its shares to $67 from $57. The analyst maintained his buy rating on the stock.
According to Ho, large-cap companies like Applied Materials should have higher multiples, when compared with its semiconductor peers. Ho also expects a "more optimistic" tone on the company's earnings call that should indicate a strong 2020.