Applied Materials, Inc. (NASDAQ:AMAT) shares are trading higher after Barclays raised its price target on the stock from $150 to $165. Investor's Business Daily reportedly named the stock a Buy.

Applied Materials shares were otherwise trading lower during Monday's session amid a rise in bond yields, which has weighed on growth stock valuations.

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Applied Materials is the world's largest supplier of semiconductor manufacturing equipment, providing materials engineering solutions to help make nearly every chip in the world. The firm's systems are used in nearly every major process step with the exception of lithography.

Applied Materials has a 52-week high of $163.02 and a 52-week low of $96.07.