Applied Materials rises; Wells Fargo lifts PT

Chip equipment maker Applied Materials' AMAT.O shares rise 2.2% to $264.78 premarket

Wells Fargo raises PT to $290 from $255, implying an upside of 9.7% to stock's last close

Brokerage says that while contract liabilities and performance obligations are trending down, 53% of $1.7 bln in unsatisfied performance obligations is expected to be recognized within 12 months

Average rating of 34 analysts is "buy," their median PT is $260 - data compiled by LSEG

Up to last close, stock has risen 62.6% this year