TD Cowen analysts increased their price target on Applied Materials (NASDAQ:AMAT) to $185.00 from $165.00 while reiterating their Outperform rating. Applied Materials was also added as a top pick for 2024.

The analysts noted that the company stands out because of its extensive range of products and its success in key technological advancements such as GAA, backside power, and advanced packaging. The company’s valuation is also seen as particularly attractive when compared to its industry counterparts.

Additionally, the anticipated recovery in the memory sector and the sustained performance of China’s less advanced technology segments are expected to positively influence the company’s financial forecasts for the upcoming year.

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