Pacific Crest Downgrades Lam Research (LRCX) to Sector Weight
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Pacific Crest downgraded Lam Research (NASDAQ: LRCX) from Overweight to Sector Weight and removed its price target. Analyst Weston Twigg thinks further stock appreciation in semiconductor equipment will be limited.
"We anticipate order declines and limited demand growth for semiconductor equipment names as 3D NAND equipment demand is likely to peak in 2017, while logic/foundry demand remains mixed and DRAM demand remains low. Sector valuations are reasonable, so we do not see meaningful near-term downside risk, but further stock appreciation may be limited. We are lowering our ratings for LRCX and NANO to Sector Weight, and we remain Overweight on AMAT, MKSI and ENTG for longer-term opportunities," said Twigg.
Shares of Lam Research closed at $99.59 yesterday.
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