By Michael Dabaie

Applied Materials Inc. (AMAT) shares were up 4.2% to $49.82 in early trade.

Goldman Sachs upgraded Applied Materials to Buy from Neutral and raised its target price to $56.

While the near-term equipment spending environment is likely to remain weak, Goldman said it expects investors to look through 2019 and into 2020, where it is now incrementally more positive on the potential for memory equipment and overall wafer fabrication equipment spending to expand.

The note said Goldman expects Applied to benefit from the improved outlook given its leading WFE share position and exposure to memory, as well as the company's increased willingness to deploy capital.

Write to Michael Dabaie at michael.dabaie@wsj.com

(END) Dow Jones Newswires

July 22, 2019 10:45 ET (14:45 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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