Applied Materials (AMAT) Stock Is Down 34% From Its High. Analysts Still See 32% Upside From Here
TLDR
- AMAT closed at $484.19 on August 24, 2026, down roughly 34% from its 52-week high of $739.67 reached in June 2026
- Q3 fiscal 2026 revenue hit a record $9.1 billion, up 15% sequentially and 25% year over year
- Management guided next quarter revenue to $10.25 billion, above analyst consensus
- 39 analysts cover AMAT with an average 12-month price target of $641.03, implying 32% upside
- Advanced packaging revenue is expected to grow more than 70% in 2026, driven by AI chip demand
Applied Materials closed at $484.19 on August 24, 2026, giving the company a market cap of around $391 billion. The stock is trading well below its 52-week high of $739.67, hit in June 2026, after a sharp correction pulled it into the low $430s before a partial recovery.
The drop works out to roughly 34% from peak. That kind of pullback naturally raises the question of whether the underlying business has weakened, or whether the stock just got ahead of itself.
The business, by most measures, looks healthy.
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