Deutsche Bank Comments on Lam Research (LRCX) Stock Split and Buyback

May 21, 2024 9:12 AM EDT
Get Alerts LRCX Hot Sheet
Price: $1,061.31 -2.59%

Rating Summary:
    25 Buy, 12 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 9 | Down: 4 | New: 12
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Deutsche Bank analyst Melissa Weathers reiterated a Hold rating and $1,000.00 price target on Lam Research (NASDAQ: LRCX)

The analyst comments "Before market open, LRCX announced that its BoD has authorized an additional $10b in share repurchases as well as a 10:1 forward split of its common stock. Recall the company has ~$1.2b remaining on its existing share repurchases programs (approved in May-22 with indeterminate completion date) in addition to a ~$700m ASR initiated in Feb-24. Overall, we view the expansion of the share repurchase authorization to be consistent with LRCX's goal of returning 75-100% of FCF to its shareholders, yet view the forward stock split as immaterial to our investments thesis (as with all stock splits). We remain constructive on the co’s medium-term growth opportunities (both cyclical and secular), but with still much debate surrounding the quality of near-term demand and the timing of a broader memory recovery, we await a more favorable entry point. Maintain Hold."

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 $942.04 yesterday.

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