Lam Research (LRCX) Estimates, PT Raised to $580 at Susquehanna

Susquehanna analyst Mehdi Hosseini raised the price target on Lam Research (NASDAQ: LRCX) to $580.00 (from $500.00) while maintaining a Positive rating.

"Going into the earning season, we are increasing estimates for WFE companies to account for higher than previously expected spend (which we argue will reach $70bn in 2021)," Hosseini commented. "However, we expect spending in 2021 to be weighted towards the first half, and thus marking the June-Q as the near term peak."

The firm updated FY/CY21 EPS estimates of $25.16/$28.91 compare to the current consensus of $22.34/$23.35. They also expect Dec-Q results to come at the high end of the guide range.

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