Stifel Raises Price Target on Lam Research (LRCX) to $116 Following Analyst Day
- Record-setting rally pushes on as S&P ends week up 3 percent
- Trump's Cohn Pick Most Bullish Sign Yet for Banks - Cowen
- Unusual 11 Mid-Day Movers: (IDXG) (INVN) (EBS) Higher; (SCON) (DTEA) (DLTH) Lower (more...)
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Broadcom (AVGO) PT Raised to $215 at Oppenheimer
- Jefferies Raises Price Target on Broadcom Ltd. (AVGO) to $210 Following 4Q
- Pivotal Research Upgrades Flowers Foods (FLO) to Hold
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!