DRAM Pick-Up Suggests Strong December Qtr for Lam Research (LRCX) - Needham & Company
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Needham & Company analyst Y. Edwin Mok reiterated a Buy rating and $105 on Lam Research (NASDAQ: LRCX), noting a pick-up in DRAM orders supports a strong December quarter.
Mok commented, "Our recent checks suggest strengthening of memory shipments going into 4Q16 with some pick-up in DRAM orders, giving us more confidence that LRCX will be able to guide sequentially higher shipments in F2Q17 (Dec), which is above prior management's guidance for decline. We believe increased shipments will drive some upside to December quarterly revenue. Going into CY2017, we are projecting a robust demand environment in WFE, and expect LRCX's success around several technology inflections (3D NAND, multi-patterning, FinFET) to drive continued outperforming growth. While LRCX's stock could see some volatility in the coming months on the outcome of the KLAC [Hold] acquisition, the stock looks reasonably valued at a CY2017 ex-cash P/E of just 10.9x based on current estimates before any KLAC deal accretion."
Shares of Lam Research closed at $92.15 yesterday.
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