Stifel analyst Patrick Ho raised his price target for Applied Materials (AMAT) to $80 from $72 saying the company last night delivered another "beat and raise" quarter. Further, and perhaps more importantly, Applied Materials reiterated the strong wafer fab equipment outlook Lam Research (LRCX) provided earlier this earnings season, Ho tells investors in a research note. With the drivers in place for sustained foundry/logic spending and a recovery in NAND flash, Applied is positioned to "strongly outperform" in 2020, contends the analyst, who reiterates a Buy rating on the shares.