Lam Research (LRCX): RBC Sees $400-$500M Buyback, Tuck-In Acquisitions as KLA Deal Terminates
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RBC Capital analyst Amit Daryanani said with the Lam Research (NASDAQ: LRCX)/KLA Tencor (NASDAQ: KLAC) deal terminated, they beleiver LRCX could utilize incremental cash flow toward a sizable ($400-$500M?) buyback and also see a higher probability that LRCX conducts smaller acquisitions.
On the call, LRCX noted that they estimate that a little north of $2.0B inclusive of the $800M raised from their 2021 Senior Note is available domestically.
The firm reiterated an Outperform rating and price target of $105 on LRCX.
Shares of Lam Research closed at $96.17 yesterday.
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