Stifel Raises Price Target on Lam Research (LRCX) to $116 Following Analyst Day
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Stifel reiterated a Buy rating on Lam Research (NASDAQ: LRCX), and raised the price target to $116.00 (from $110.00), following the company's analyst day. Management provided a much better-than-expected outlook for the March quarter and provided some thoughts on 2017 WFE spending and how it may be “slightly” more first half-weighted. From a market opportunity standpoint, management increased its serve available market opportunity to $5+ billion by 2019 with the largest incremental driver being the continued ramp of 3D NAND.
Analyst Patrick Ho commented, "On Friday, Lam Research hosted its annual Analyst Day where it provided an update on its market opportunities (and how they continue to expand) and how the company is prepared to capitalize upon them from a technology and operations standpoint. With industry inflections like 3D NAND, FinFET, and multi-patterning, the company is well positioned to benefit from these trends given its market position in the etch and deposition segments. More importantly, we believe that these market opportunities will translate favorably to the operating model where top line growth will have a positive trickle-down effect to the bottom line."
Shares of Lam Research closed at $104.71 yesterday.
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