On August 11, Applied Materials rose 3.42% in pre-market trading, trading at 538.8 USD/share, with turnover of $35.33 million. The stock gained momentum as multiple institutions raised their target prices ahead of the company's fiscal Q3 earnings report scheduled for August 13.

Bernstein adjusted its price target on Applied Materials to $675 from $525 while maintaining an Outperform rating. RBC Capital Markets expects the company to post a fiscal Q3 beat and raise its systems segment outlook, citing NAND recovery and ICAPS stabilization, with an estimated adjusted EPS of $3.36 on revenue of $8.9 billion. Wall Street consensus expects earnings growth of approximately 35% year-over-year. The current stock price trades at roughly a 20% discount to the average analyst target price of $646.

Within the Semiconductor Equipment sector, the overall sector showed strength. Among individual stocks, ASML Holding NV up 3.53%, KLA Corporation up 3.18%, Lam Research up 2.73%, Teradyne up 2.19%, AXT Inc up 1.10%.

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