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Applied Materials, Lam Research shares inch higher premarket after Needham upgrade

Investing.com -- Shares in Applied Materials (NASDAQ:AMAT) and rival Lam Research (NASDAQ:LRCX) edged higher in premarket U.S. trading after analysts at Needham upgraded their rating of the chip tool makers.

In a note to clients, the Needham analysts raised their outlook for both Applied and Lam to "Buy" from "Hold." They argued that sales of wafer fabrication equipment, which is used in manufacturing semiconductors and supplied by these companies, will touch $90B in 2023, topping consensus forecasts.

The analysts added that they believe sales of these items will stay at $90B next year before climbing to an estimated $100 billion in 2025.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.