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Applied Materials’ stock is currently trading at 62.19-higher by 1.88% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 1.61%. The stock has continued gaining after the opening bell.
Nomura Instinet raised its price target on stocks of Applied Materials to $75 a share from $68 per share. The firm, however, reiterated a Buy rating on stocks of the semiconductor manufacturing equipment maker. Nomura Instinet’ price target represents an upside of about 23% from the share’s previous closing price of $61.04.
The firm expects that the share of the semiconductor manufacturing equipment maker should benefit from a cyclical rebound in global wafer-processing equipment sales this year. Secular trends also drive Applied Materials’ superior growth rate over the medium term. Stocks of the company advanced about 86% in the last year.
On the technical front, the RSI is currently at 66.63% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is above the middle line of the Bollinger Bands and is heading upwards.
TRADE SUGGESTION- LIMIT BUY AT 61.90 TAKE PROFIT AT 62.50 STOP LOSS AT 61.60