Needham Cuts Target on Lam Research (LRCX) Ahead of Q4 Report

Needham & Company reduced its price target on shares of Lam Research (NASDAQ: LRCX) Thursday morning ahead of the company's Q4 report next Wednesday. The firm now expects Lam shares to rise to $44 over the next year, down from $48 previously. Needham maintains a Buy rating.

Needham is looking for inline quarterly results but "guidance below consensus estimates based on the near-term weakness in the sector. Given that most of the sector datapoints came out in last week’s SEMICON and the recent weakness in share price (down 5.6% YTD vs. flat for the SOX), we believe expectations are relatively low going into the report."

The firm is looking for Q4 EPS of 64 cents.

With shares of Lam Research last trading around $35.05, Needham's new price target represents potential upside of 26 percent.

For an analyst ratings summary and ratings history on Lam Research click here. For more ratings news on Lam Research click here.

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