Lam Research (LRCX) PT Raised to $110 at RBC Capital
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
RBC Capital analyst Amit Daryanani reiterated an Outperform rating and lifted his price target on Lam Research (NASDAQ: LRCX) to $110.00 (from $105.00) following solid Q4 results and strong guidance.
Daryanani commented, "LRCX reported modest upside to Sept-qtr results, but guided Dec-qtr rev/EPS well ahead of expectations and provided initial but rather constructive comments around WFE in 2017 (up modestly). We think as DRAM & NAND spend grows into 2017 and foundry/logic pauses to declines modestly, it should enable LRCX revenue growth to outpace underlying WFE once again (we note SAM is more attractive in DRAM conversions vs. foundry/logic). Furthermore, we expect the company to have a more constructive and shareholder friendly capital allocation (that should get discussed at their analyst day on 11/16), though given LRCX ability to grow double digits we think primary use of FCF will be internal and/or inorganic investments. Maintain OP and adjusting our target to $110."
Shares of Lam Research closed at $99.72 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Drexel Hamilton Raises Price Target on Workday (WDAY) Following 3Q Beat
- Jefferies Cuts Price Target on Eros Int'l (EROS) to $18 Following Multi-Year Deal
- ULTA Salon (ULTA) PT Raised to $290 at Stifel But Remains Sidelined
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesRBC Capital
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!