Lam Research (LRCX): Great Quarter As Expected - Needham
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Needham & Company analyst, Edwin Mok, reiterated his Buy rating on shares of Lam Research (NASDAQ: LRCX) and raised his price target to $120 from $115 after the company reported strong F1Q17 (Sep) results and provided F2Q17 (Dec) guidance above consensus.
This outcome was in line with analyst expectations and documented in a 10/13 earnings preview note. LRCX continues to benefit from strong 3D NAND investments. Also, its strength in multi-patterning has allowed share gain with foundry/logic customers, which could be an incremental driver in CY17. With very strong shipments in the near term, some investors are concerned that sequential growth is not sustainable going into CY17, but the analyst believes LRCX is well positioned around technology inflections and he expects another year of outperformance ahead.
Shares of Lam Research closed at $99.72 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View, Analyst PT Change, Earnings
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