Cantor raised AMAT target to $650, calling the chip-equipment cycle 'durable' into 2028. The $500M Singapore campus doubles capacity and adds 1,000 jobs.
Cantor Fitzgerald raised Applied Materials' price target to $650 from $575 on June 10 and kept an Overweight rating. The same day, the company opened a $500 million chip campus in Singapore that doubles its cleanroom capacity, already running at volume production.
Cantor told clients the semiconductor equipment industry is in the "early innings of a multi-year supply-constrained and durable upcycle." The outlook has improved over the past three months. Bookings visibility is beginning to extend into 2028, with leading-edge foundry and logic as the primary wafer fab equipment growth driver. That matches the purpose of the Singapore expansion. The Tampines Campus is focused on serving chipmakers expanding AI-driven production and adds roughly 1,000 local jobs over the next few years.
Argus analyst Jim Kelleher raised his target to $500 from $420 last month after Applied Materials beat Q2 estimates. He maintained a Buy rating, citing cyclical and secular demand for CPU and GPU configurations used in generative and agentic AI. Kelleher also pointed to semiconductor fabrication onshoring as a tailwind. The combination of onshoring and AI infrastructure build-out supports his long-term growth view.
The two analyst upgrades and the Singapore investment point in the same direction: Applied Materials has positioned itself to capture the build-out of AI compute capacity at advanced nodes and in the broader supply chain. The campus is a physical bet that the demand is not a one-quarter spike. Cantor's $650 target and Argus's $500 target, though different, both reflect confidence that the upcycle will persist.
The AlphaScala score for AMAT sits at 75 out of 100, labeled Moderate within the Technology sector. It reflects solid fundamental health and reasonable valuation relative to peers. The stock has already priced in much of the upcycle story. The extended visibility into 2028 must justify the current multiple. See the AMAT stock page for detailed metrics.
The company reports fiscal Q3 results in late August. Consensus expects revenue growth of around 8% from a year earlier, with EPS gains driven by higher margins from the new Singapore cleanroom. Cantor's call assumes that trajectory continues into 2028.
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