Applied Materials stock dips post-earnings despite strong results and raised price target to $700.

Applied Materials reported strong Q3 financial results with revenue up 25% to $9.12 billion and adjusted EPS rising 41% to $3.50, beating Wall Street estimates. However, the stock fell over 5% after earnings due to market expectations being even higher following a rally in 2026. An analyst from Bernstein raised the price target from $675 to $700, signaling about 31% upside from the current price of $534.54. The company projects strong Q4 revenue of $10.25 billion and adjusted EPS of $4.02, driven by robust performance in its Semiconductor Systems division, supporting a bullish outlook despite the recent stock dip.