Lam Research (LRCX): Great Quarter As Expected - Needham

October 20, 2016 7:29 AM EDT
Get Alerts LRCX Hot Sheet
Price: $110.54 --0%

Rating Summary:
    18 Buy, 5 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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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.

For an analyst ratings summary and ratings history on Lam Research click here. For more ratings news on Lam Research click here.

Shares of Lam Research closed at $99.72 yesterday.

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