RBC Capital analyst Mitch Steves upgraded Applied Materials (NASDAQ: AMAT) from Sector Perform to Outperform with a price target of $45.00 (from $38.00).

The analyst comments "We're adjusting estimates for AMAT and move to Outperform now that expectations have been reset for 2019. In the middle of last year, we believed that 2019 numbers would be down y/y and we think expectations now reflect this downward trajectory. Starting in Q3 of 2019, we anticipate the beginning of a soft and slow recovery."

For an analyst ratings summary and ratings history on Applied Materials click here. For more ratings news on Applied Materials click here.

Shares of Applied Materials closed at $38.70 yesterday.