Stifel Raises Price Target on Lam Research (LRCX) to $116 Following Analyst Day

November 21, 2016 10:03 AM EST
Get Alerts LRCX Hot Sheet
Price: $109.10 -1.3%

Rating Summary:
    18 Buy, 5 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 35 | Down: 31 | New: 11
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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."

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 $104.71 yesterday.

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