智通财经APP获悉，摩根士丹利分析师Shane Brett发表研报，维持应用材料(AMAT.US)“持有”评级，目标价为158美元，这一谨慎评级源于对台积电(TSM.US)发展前景和DRAM市场增长态势的综合评估。
Brett指出，应用材料的DRAM业务营收预计将在2026财年下降12%。然而，部分分析师仍对其新型技术(如全环绕栅极晶体管和背面供电技术)驱动的增长潜力持乐观态度。
关于公司估值也存在分歧：有分析师认为其半导体设备业务(SPE)凭借增长前景应获更高估值倍数，另一些则指出当前估值已处于较高水平。基于这些多空因素的交织，Brett最终维持“持有”评级。
2025财年第二季度，应用材料交出了亮眼成绩单：营收达71亿美元，同比增长7%，各项业务均表现稳健。特别值得注意的是，毛利率提升170个基点至49.2%，创下自2000年第四财季以来的单季最高水平。管理层预计下一季度营收将维持在71.5亿至72.5亿美元区间，实现小幅同比增长。
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