Deutsche Bank Starts Lam Research (LRCX) at Buy; Secular Tailwinds

Deutsche Bank initiates coverage on Lam Research (NASDAQ: LRCX) with a Buy. PT $45.00.

Deutsche analyst says, "We expect the company’s customer mix, which favors foundry/logic and excludes Intel to drive outperformance in 2012. Over the next 4-6 quarters we expect foundry/NAND to drive shipment outperformance, since Lam has a greater than average share of these markets. Additionally, above industry average growth in Etch should benefit Lam and drive upside to consensus expectations. Although the December quarter outlook was disappointing and shipping visibility remains limited, we expect a rebound in the March/June to act as a positive catalyst for shares."

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 $36.76 yesterday.

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