Cowen Lifts PT on Lam Research (LRCX) to $100; Notes Strong Qtr., But WFE Run-Rate Not Sustainable
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Cowen & Company lifts its price target on Outperform rated Lam Research (Nasdaq: LRCX) from $95 to $100 following Q1 results and outlook issued Wednesday night.
The firm commented today:
LRCX continues to execute with incredible regularity and our new #s justify $100 target. On one hand, 3D NAND still only mid-innings worst-case and memory spend biased up again in '17, but on the flipside 7nm foundry is maybe even a more interesting/controversial theme going forward (favoring KLAC) and ~$38.5-40B/yr 2H:16 WFE run-rate is not sustainable.
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