— Applied Materials climbed 5% and Lam Research popped nearly 4% after Bernstein initiated coverage on both stocks with an outperform rating.
"Over the longer term we believe semiconductor capital equipment is likely to be extremely structurally advantaged, with growth trends in the underlying semi market likely to remain positive over the long term, and with a strong case to be made for semiconductor capital intensity to continue evolving higher over time...," the firm wrote in a note to clients. Bernstein's price forecast for Applied Materials and Lam Research are $160 and $700, respectively.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: