AMAT trades 41.0% below Wall Street's consensus target of $666.30.
Last 12 months price action with 12-month analyst target path
The base valuation assumes AMAT achieves its forward estimates and maintains a stable P/E multiple of 36.9x. This scenario reflects the blended consensus of 55 Wall Street analysts, balancing both positive catalysts and macroeconomic headwinds over the next 12 months.
As of September 23, 2026, Applied Materials, Inc. (AMAT) has a Wall Street consensus price target of $666.30, based on estimates from 55 covering analysts. With the stock currently trading at $472.46, this represents a potential upside of +41.0%. The company has a market capitalization of $375.11B.
Analyst price targets range from a low of $530.00 to a high of $900.00, representing a 56% spread in expectations. The median target of $645.00 aligns closely with the consensus average. The wide target spread reflects significant disagreement on fair value.
The current analyst consensus rating is Buy, with 43 analysts rating the stock as a Buy or Strong Buy,12 rating it Hold, and 0 rating it Sell or Strong Sell. This overwhelmingly bullish sentiment suggests analysts see significant catalysts for upside ahead.
From a valuation perspective, AMAT trades at a trailing P/E of 54.6x and forward P/E of 36.9x. The forward PEG ratio of 2.15 reflects a premium valuation. Analysts expect EPS to grow +10.6% over the next year.
Our proprietary valuation model, which blends historical multiples with forward estimates, suggests a base-case price target of $732.78, with bear and bull scenarios of $461.66 and $965.52 respectively. Model confidence stands at 61/100, reflecting moderate uncertainty in projections.
| Company | Market Cap | Price | Target | Upside Potential | Rating | Fwd P/E | Analysts |
|---|---|---|---|---|---|---|---|
 LRCXLam Research Corporation | $388.9B | $310.96 | $375.94 | +20.9% | Buy | 32.8x | 50 |
 KLACKLA Corporation | $246.0B | $188.32 | $225.50 | +19.7% | Buy | 34.3x | 44 |
 ASMLASML Holding N.V. | $673.7B | $1747.90 | $2305.75 | +31.9% | Buy | 45.5x | 45 |
 ONTOOnto Innovation Inc. | $14.1B | $283.81 | $385.56 | +35.9% | Buy | 35.0x | 12 |
 NVMINova Ltd. | $11.8B | $369.95 | $556.50 | +50.4% | Buy | 34.7x | 14 |
 ACMRACM Research, Inc. | $4.9B | $75.80 | $113.20 | +49.3% | Buy | 33.8x | 10 |
 ICHRIchor Holdings, Ltd. | $2.0B | $57.44 | $96.00 | +67.1% | Buy | 36.6x | 14 |
 MKSIMKS Inc. | $17.6B | $260.37 | $404.00 | +55.2% | Buy | 19.8x | 29 |
 CAMTCamtek Ltd. | $7.1B | $151.36 | $181.50 | +19.9% | Buy | 41.9x | 13 |
 COHUCohu, Inc. | $3.0B | $64.54 | $66.83 | +3.5% | Buy | 67.9x | 14 |
Quick answers to the most common questions about buying AMAT stock.
The consensus Wall Street price target for AMAT is $666.3, representing 41.0% upside from the current price of $472.46. With 55 analysts covering the stock, this strong upside suggests significant value not yet reflected in today's share price.
AMAT has a consensus rating of "Buy" based on 55 Wall Street analysts. The rating breakdown is predominantly bullish, with 43 Buy/Strong Buy ratings. The consensus 12-month price target of $666.3 implies 41.0% upside from current levels.
At a forward P/E of 36.8709x, AMAT trades at a premium valuation. The consensus price target of $666.3 (41.0% upside) suggests analysts still see growth justifying the multiple.
The most bullish Wall Street analyst has a price target of $900 for AMAT, while the most conservative target is $530. The consensus of $666.3 represents the median expectation. Our quantitative valuation model projects a bull case target of $966 based on optimistic growth and margin assumptions. These targets typically reflect 12-month expectations.
AMAT is heavily covered by Wall Street, with 55 analysts providing price targets and ratings. Of these, 1 have Strong Buy ratings, 42 have Buy ratings, 12 recommend Hold, and 0 have Sell or Strong Sell ratings. Higher analyst coverage generally indicates greater institutional interest and more reliable consensus estimates.
The 12-month AMAT stock forecast based on 55 Wall Street analysts shows a consensus price target of $666.3, with estimates ranging from $530 (bear case) to $900 (bull case). The median consensus rating is "Buy". Our proprietary valuation model produces a base case fair value of $733, with bear/bull scenarios of $462/$966.
Our quantitative valuation model calculates AMAT's fair value at $733 (base case), with a bear case of $462 and bull case of $966. The model uses discounted cash flow analysis, historical growth rates, and margin mean-reversion to project FY+2 earnings, then applies an appropriate P/E multiple. The model confidence score is 61/100.
AMAT trades at a forward P/E ratio of 36.9x based on next-twelve-months earnings estimates compared to a trailing P/E of 54.6x. The lower forward P/E indicates analysts expect earnings growth. A forward P/E is useful for comparing valuations when earnings are expected to change significantly.
Wall Street analysts are very optimistic on AMAT, with a "Buy" consensus rating and $666.3 price target (41.0% upside). 43 of 55 analysts rate it Buy or Strong Buy. This information is for educational purposes only. Always conduct your own research, consider your financial situation, and consult a financial advisor before making investment decisions.
AMAT analyst price targets range from $530 to $900, a 56% wide spread indicating significant analyst disagreement. Differences stem from varying assumptions about revenue growth, profit margins, competitive dynamics, and valuation multiples. The $666.3 consensus represents the middle ground. Our model's $462-$966 range provides an independent fundamental perspective.
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
Bull/bear thesis, analyst target revisions, and earnings execution.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.