New York, January 24, 2026, 15:36 (EST) — The market has closed.
- Applied Materials closed Friday up 1.13% at $322.38, outpacing a largely flat market.
- Deutsche Bank raised its rating on the chip-equipment maker to “buy” and boosted the price target to $390.
- Next week’s packed schedule includes the Fed decision and earnings from major chip-tool rivals, potentially shaping sentiment ahead of Applied’s Feb. 12 report.
Applied Materials shares closed Friday up 1.13% at $322.38, building on momentum after an analyst upgrade. Traders are gearing up for a busy week in semiconductor equipment. The S&P 500 eked out a 0.03% gain while the Dow dropped 0.58%, signaling that Applied’s rise was driven more by stock-specific interest than broader market moves. 1
U.S. markets are closed for the weekend, yet the narrative remains sharp: chipmaking tool stocks are back in focus, with upgrades gaining momentum day by day.
That’s crucial now as investors race to figure out if 2026 capital spending—the cash chipmakers pour into new plants and equipment—is moving from “hope” to locked-in orders. Applied, which supplies the machines and services for chip production, usually moves in sync with that cycle.
Deutsche Bank’s Melissa Weathers bumped Applied Materials to a buy from hold and lifted her price target to $390, up from $275. She pointed to a “much more constructive” outlook for wafer fab equipment as 2026 and 2027 approach. Weathers also said the stock’s valuation discount versus peers had stretched too far, according to a note cited by The Fly. 2
Applied has set a date for its next big event. The company plans to release fiscal first-quarter 2026 results on Feb. 12, followed by an earnings call at 4:30 p.m. ET. 3
Until that point, the stock is expected to react to cues from customers and competitors, along with changes in risk appetite toward big-cap tech and industrial stocks.
ASML, the leading global supplier of advanced chipmaking lithography equipment, will report its Q4 and full-year 2025 earnings on Wednesday, Jan. 28. 4
Lam Research, a major U.S. competitor in chipmaking gear, is set to hold its quarterly earnings call on Wednesday, Jan. 28, right after the market closes. 5
KLA, a leading U.S. supplier of process control tools that measure and inspect chips during manufacturing, will report fiscal second-quarter 2026 results on Thursday, Jan. 29, after the market closes. 6
Macro factors might still influence the narrative. The Federal Reserve wraps up its meeting on Jan. 27-28 this Wednesday, with investors eyeing any shift in rate guidance that could move high-multiple tech and semiconductor shares. 7
Upgrades alone won’t cover the costs. If ASML, Lam, or KLA signal slower orders, postponed fab projects, or a choppier spending outlook, Applied’s rally after the upgrade could evaporate fast—especially since the stock is already close to recent peaks.
Investors face key dates ahead: Jan. 28 brings the Fed decision alongside earnings from ASML and Lam. KLA follows on Jan. 29, while Applied’s earnings report arrives Feb. 12, marking the next company-specific checkpoint.
