Applied Materials (AMAT) surged 5% over the past 24 hours, outperforming the broader market during the trading session. The stock's upward movement reflects strong investor sentiment.

The rally follows RBC Capital Markets initiating coverage on Applied Materials with an "Outperform" rating and a target price of $385. Analysts at RBC are bullish on the company's prospects, which has likely contributed to the stock's recent gains.