UBS Maintains a 'Buy' on Lam Research (LRCX); Prove It With Novellus Integrated

July 26, 2012 2:53 PM EDT Send to a Friend
Get Alerts LRCX Hot Sheet
Price: $80.82 +3.18%

Rating Summary:
    17 Buy, 4 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 21 | Down: 43 | New: 52
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UBS maintains a 'Buy' on Lam Research (NASDAQ: LRCX) price target of $45.00 (from $50.00).

Analyst, Stephen Chin, said, "Lam beat all of its standalone Jun-12 targets for sales, shipments, margins and EPS despite the final closing of its acquisition of Novellus in early June. Lam is now planning for 2012 industry spend on wafer fab equipment at $30B which is down from its prior guidance of $31B all due to NAND (we believe Toshiba)...We believe the semicap cycle is in a short duration downcycle and still expect Lam to benefit the most from higher memory capex spend in 2013."

FY12 EPS estimate lowered from $2.07 to $2.02 and FY13 from $3.85 to $3.80.

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 $34.24 yesterday.


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