On August 17, Applied Materials rose 3.2% in regular trading, trading at $521.49/share, with turnover of $413 million. The stock rebounded from the $504 level hit during a post-earnings sell-off last Thursday.

On the news front, multiple investment banks issued upgraded price targets following the company's fiscal Q3 earnings release. Berenberg raised its target to $675 from $575 maintaining a Buy rating, Bernstein lifted its target to $700 from $675, RBC Capital Markets raised its target to $600 from $520, and JPMorgan raised its target to $660. The average analyst price target now stands at approximately $658. Meanwhile, JPMorgan noted that semiconductor industry demand is stronger than three months ago, with pricing power spreading upstream to equipment makers, providing sector-level support.

Applied Materials reported Q3 revenue of $9.12 billion and adjusted EPS of $3.50, both above consensus estimates, with Q4 revenue guidance midpoint of $10.25 billion far exceeding the $9.55 billion estimate. Despite robust results, the stock had initially dropped approximately 5-7% on a classic sell-the-news reaction given its year-to-date gain of over 100%.

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