Needham & Company Reiterates Buy on Lam Research (LRCX) Ahead of 1Q Report
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Needham & Company reiterated a Buy rating and $115.00 Price Target on Lam Research (NASDAQ: LRCX) ahead of the company's 1Q earnings report. Checks along the SemiCap supply chain support growing shipments going into 4Q16, and initial indication for a robust C1Q17.
Analyst Edwin Mok commented, "LRCX reports F1Q17 (Sep) on October 19 after market close, after ASML's [N/R] CY3Q16 call in the morning. Our recent conversations with the buy-side suggest growing fear of peaking in the space, and TSMC's [N/R] report might feed that fear. However, we believe a strong CY4Q16/1H17 outlook coming out of the earnings reports will help calm those fears, allowing stocks to grind higher. With increased market volatility, we prefer LRCX here over other mid/large-cap peers based on several relative drivers: 1) two positive catalysts (F1Q report on 10/19 & analyst event on 11/16); 2) a recovery in DRAM investments benefiting LRCX due to its high exposure; 3) LRCX's lower exposure to TSMC than peers; 4) continued leverage of increased etch/dep in WFE; and 5) Street estimates are typically conservative."
Shares of Lam Research closed at $98.68 yesterday.
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