Applied Materials (AMAT) shares surged 5.09% in pre-market trading on Wednesday, as investors positioned ahead of the company's upcoming fiscal third-quarter earnings report and reacted to a flurry of bullish analyst actions.

The semiconductor equipment giant is scheduled to report results after the market close on Thursday, with Wall Street forecasting adjusted earnings per share of $3.36, roughly a 35% year-over-year increase. Several institutions have recently lifted their price targets, with Bernstein raising its target to $675 from $525 while maintaining an Outperform rating, and HSBC and UBS setting targets in the $683 to $705 range. RBC Capital Markets expects a beat-and-raise quarter, citing tailwinds from NAND recovery, ICAPS stabilization, and value-based pricing. Citi had also placed the stock on its 30-day positive catalyst watchlist, projecting revenue and EPS above consensus estimates. Broader strength in chip and storage stocks added further support, and a newly disclosed Q2 position in Applied Materials by Jinglin Asset – targeting the AI computing infrastructure supply chain – also bolstered sentiment.