Needham & Company Updates Model on Lam Research (LRCX) After Completing Novellus Acquisition

Needham & Company maintains a 'Buy' on Lam Research (NASDAQ: LRCX) price target of $48.00 (from $50.00).

Analyst, Y. Edwin Mok, said, "With the merger with Novellus System completed, we are updating our LRCX model to reflect the combined company. Additionally, we are trimming our future projections to reflect our more cautious view on C2H12 WFE spending. On an apples-to-apples basis, we anticipate sequentially lower shipments/revenue in the September quarter, as we believe Intel (Nasdaq: INTC) (Hold) and Samsung (N/R) will limit purchases while digesting recent investments...Given the recent pullback in share price, we expect the company to more aggressively buy back its shares, providing downside support to the stock price."

Adjusting FY12 EPS estimate from $2.11 to $2.10 and FY13 from $3.12 to $3.19.

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 $35.99 yesterday.

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