Lam Research (LRCX) PT, Estimates Lifted at Needham & Company Post Q3

Needham & Company analyst Y. Edwin Mok raised estimates and his price target on Buy-rated Lam Research (NASDAQ: LRCX) from $63 to $67 following Q3 results, which confirmed share gains around technology inflections.

Mok comments, "LRCX reported strong F3Q14 (Mar) earnings and provided strong guidance. Expectations were low going in to the call given the well-documented pushouts of several key projects, and the report confirmed that LRCX appears to be gaining share. Despite confirming a mid-year pause driven by lowered NAND spending, LRCX is benefiting from strengthened demand in DRAM and share gains around technology inflection points. With cost controls driving substantial operating leverage, LRCX should deliver strong earnings growth ahead. The stock looks underappreciated by the Street, trading at one of the lowest multiples among peers, which we believe is unwarranted."

The firm raises FY14E NG EPS to $4.40 and FY15 to $4.83.

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 $52.25 yesterday.

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