Applied Materials Inc is trading 4.5% up at $619.53 following a significant price target increase from Citi and sustained optimism for AI-related chip equipment demand.
- Citi raised its price target from $550 to $710, pointing to strong AI-driven NAND and wafer fab equipment spending through 2026–2028.
- The stock continues a sharp multi-day rally, supported by follow-through buying in pre-market trading and a broadly firmer technology sector.