Needham & Company Reiterates a 'Buy' on Lam Research (LRCX); Strong Guidance Should Overshadow N-T Margin Pressure

Needham & Company reiterates a 'Buy' on Lam Research (NASDAQ: LRCX) price target of $50.00.

Needham analyst said, "We reiterate our rating on LRCX, after a strong F2Q12 (Dec) report and higher guidance. Based on the etch sub-sector recovery and LRCX’s share gain, particularly at the leading foundries TSMC & Samsung [both N/R], we believe LRCX will have better revenue growth trajectory throughout CY2012 compared to peers. Additionally, we continue to see incremental product and cost saving opportunities from its merger with Novellus (Nasdaq: NVLS) (Buy). While near-term margin pressure limits earnings upside, we believe an outperforming top-line will prevail and recommend investors buy on any weakness."

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 $43.55 yesterday.

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