Applied Material’s (NYSE:AMAT) Global Services Revenues rose from around $3.85 billion in 2019 to about $4.16 billion in 2020. Trefis expects the metric to rise further to about $5.4 billion in 2021 and to almost $6 billion in 2022.
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Semiconductor manufacturers are looking to cut costs and improve efficiencies and this could drive demand for Applied’s integrated solutions, which help to optimize equipment and fab performance and productivity.
We think Applied stock is slightly undervalued at current levels. We value the stock at about $150 per share, which is about 10% ahead of the current market price.