Needham & Company Boosts PT on Lam Research (LRCX) to $115 Following KLA-Tencor Merger Termination

October 6, 2016 12:10 PM EDT
Get Alerts LRCX Hot Sheet
Price: $97.00 -0.89%

Rating Summary:
    17 Buy, 6 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 24 | Down: 24 | New: 8
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Needham & Company lifts its price target on Buy-rated Lam Research (Nasdaq: LRCX) from $105 to $115 following termination of its merger with KLA-Tencor (Nasdaq: KLAC), as announced late Wednesday.

The firm commented today, We reiterate our Buy on LRCX and raise our PT from $105 to $115, after it and KLAC terminated the proposed merger after trying to win regulatory approval for almost 12 months, citing a block from the DOJ. With the 3rd delay of the transaction announced in August, investors are increasingly concerned that the deal would break, and as a result, the stock is up this morning. We see the news to be ultimately positive for LRCX as management can now focus its effort on its growth strategies. With strengthened industry demand and technologies inflections (3D NAND, multi-patterning, FinFET, & WLP) driving increased demand for LRCX's etch/deposition equipment, we see a strong 2017 ahead and expect the stock to continue to grind higher.

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

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