DRAM Pick-Up Suggests Strong December Qtr for Lam Research (LRCX) - Needham & Company
- Wall St. edges higher as earnings gather pace
- Alibaba (BABA) Tops Q3 EPS by 17c, Revenues Rise 54%
- DuPont (DD) Tops Q4 EPS by 9c; Sees Merger Closing in First Half
- Johnson & Johnson (JNJ) Tops Q4 EPS by 2c; Guides Modestly Below the Street
- Pre-Open Stock Movers 01/24: (MPSX) (IIVI) (AKS) Higher; (FSM) (OCUL) (VZ) Lower (more...)
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Mercury Computer (MRCY) PT Raised to $30 at Jefferies Following 2Q Report
- Samsung DRAM/NAND Struggles Mean Rosy FY 2017 For Micron (MU), Western Digital (WDC) And Seagate (STX) - Mizuho
- Needham & Company Reiterates Hold on 21st Century Fox (FOXA)
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View
Related EntitiesNeedham & Company, Definitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!