Applied Materials faces profit taking after record run, shares still backed by bullish analysts

Applied Materials comes under pressure on the NASDAQ after a sharp run-up, while houses such as Citi and BofA lift price targets on the semiconductor equipment maker amid strong AI demand.

By Anna Wagner, Analysts & Consensus desk. Reviewed prior to publication on 2026-06-23, 23:07.

Applied Materials (US0382221051) sees its NASDAQ-listed shares give back part of their recent gains on Tuesday, after touching a 52-week high of around 641 US dollars in prior sessions. MarketBeat prices show the stock down roughly 8 percent intraday, following a steep advance fueled by AI-related demand.

What the latest move shows

According to MarketBeat, Applied Materials last traded around 586 US dollars on Tuesday afternoon, down more than 8 percent from the previous close near 640 dollars, with the day’s range between roughly 574 and 593 dollars on the NASDAQ.MarketBeat quote and trading data The current 52-week span stretches from about 154 dollars up to just over 641 dollars, illustrating the strength of the rally.

FinancialContent quote data similarly puts Applied Materials shares around 588 dollars at early afternoon Eastern time on June 23, an intraday drop of about 8.1 percent, after an opening print near 582 dollars and a previous close at 640.18 dollars.FinancialContent intraday AMAT quote Despite the setback, the one-year performance remains robust compared with many semiconductor equipment peers, including ASML and Lam Research.

Analyst targets keep climbing

The downward move comes against a backdrop of increasingly bullish analyst commentary. StockAnalysis cites a recent Citi update in which analyst Atif Malik raised the Applied Materials price target to 710 US dollars from 550 dollars and reiterated a Buy rating, citing accelerating AI spending and growing demand for manufacturing tools.StockAnalysis overview with Citi note Citi highlights that hyperscale data centers and high-bandwidth memory are driving orders.

Robinhood data point to a further price-target increase from Bank of America, which lifted its Applied Materials target to 720 dollars from 540 dollars while keeping a Buy rating on the shares, referencing updated models for the semiconductor industry and AI-linked capital expenditure.Robinhood snapshot including BofA target MarketBeat’s news summary also notes that the stock has seen a wave of positive headlines and target hikes, even as valuation concerns and insider sales add a more cautious undertone.MarketBeat AMAT news overview

The business behind the stock

Applied Materials generates most of its revenue by selling semiconductor manufacturing equipment, process control tools and related services to chipmakers worldwide, including foundry and memory customers.FinancialData company profile Key systems are used in deposition, etch and inspection steps for advanced nodes used in AI accelerators, smartphones and data center processors.

Where the stock trades now

The Applied Materials shares (US0382221051) traded on the NASDAQ at about 586 US dollars on 2026-06-23 at 15:58 Eastern, based on MarketBeat data, after a previous close at 640.18 dollars.

Key data on the Applied Materials shares

• Company: Applied Materials, Inc.
• ISIN: US0382221051
• WKN: 865177
• Ticker: AMAT
• Trading venue: NASDAQ
• Price (as of 2026-06-23, 15:58): 586.03 USD
• Market cap: 461.28 billion USD (as of 2026-06-23)
• Sector / industry: Semiconductors & semiconductor equipment
• Index membership: S&P 500
• Next earnings date: 2026-08-13 (company guidance and consensus)

Disclaimer: This article is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell securities.