Lam Research (LRCX) PT Raised to $110 at RBC Capital
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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.
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