Applied Materials Inc. (NASDAQ:AMAT) stock climbed about 3% in Tuesday’s premarket session as semiconductor equipment stocks advanced alongside a stronger broader market.

Nasdaq futures rose 0.21%, while S&P 500 futures gained 0.15%.

Analysts Raise Price Forecasts

Adding to the bullish sentiment, Cantor Fitzgerald analyst C.J. Muse on Monday raised his price forecast on Applied Materials to $850 from $650 and reiterated an Overweight rating.

Muse said the firm continues to favor Applied Materials, alongside Lam Research Corp. (NASDAQ:LRCX) and KLA Corp. (NASDAQ:KLAC), although he expects ASML Holding (NASDAQ:ASML) to deliver the strongest earnings upside and potentially outperform after a period of relative underperformance.

Separately, KeyBanc analyst Steve Barger maintained an Overweight rating on Applied Materials and increased his price forecast to $750 from $550.

Applied Materials Technical Picture Remains Bullish

The stock continues to trade well above its key moving averages, reflecting a strong long-term uptrend. Shares are 28.6% above the 20-day simple moving average of $559.03 and 116.5% above the 200-day simple moving average of $332.01.

The 20-day average remains above the 50-day average, while the golden cross formed in July 2025 continues to support the longer-term bullish trend.

Momentum, however, is becoming stretched. The relative strength index stands at 70.17, a level that typically signals overbought conditions and raises the possibility of short-term consolidation or profit-taking.

The prior 52-week high near $708.99 now serves as an important breakout level. The 20-day moving average around $559.03 is the nearest key support.

Earnings And Analyst Outlook

Applied Materials is expected to report quarterly results on Aug. 13, 2026.

Wall Street expects earnings of $3.38 per share, up from $2.48 a year earlier, on revenue of $9 billion compared with $7.3 billion in the prior-year period.

The stock trades at about 65.3 times earnings, reflecting a premium valuation.

Analysts maintain an overall Buy rating with an average price forecast of $592.67. Recent rating actions include Overweight ratings from Cantor Fitzgerald, which raised its price forecast to $850 on June 29, Keybanc, which lifted its forecast to $750 on June 29, and Wells Fargo, which increased its forecast to $740 on June 26.

Applied Materials ETF Exposure

Applied Materials remains a significant holding in several exchange-traded funds, including the iShares Semiconductor ETF (NASDAQ:SOXX), where it accounts for 4.81% of assets, the Parnassus Core Select ETF (NYSE:PRCS) at 9.70%, and the Brookstone Growth Stock ETF (NASDAQ:BAMG) at 6.27%. Large fund inflows or outflows could influence trading activity in the stock.

AMAT Stock Price Activity: Applied Materials shares were up 3.06% at $715.87 during premarket trading on Tuesday, according to Benzinga Pro data.

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