Lam Research (LRCX) Results Pressured by Supply Chain as Deferred Rev Grows - KeyBanc
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KeyBanc analyst Steve Barger reiterated a Sector Weight rating on Lam Research (NASDAQ: LRCX) after the company reported disappointing F3Q results and F4Q guidance below consensus due to persistent supply constraints and elevated costs.
The analyst stated "LRCX now has $2B in deferred revenue and is focused on building supply chain resilience. LRCX maintained its view of $100B WFE while acknowledging forecast risks, and indicated unconstrained demand is higher and will flow into next year. Based on these results, we are decreasing our F4Q estimate, increasing our FY23 estimate, and introducing our FY24 outlook. While we expect sequential improvements in revenue and EPS, given low visibility into the resolution of NT challenges and FY23 valuation that sits at the FY14-FY19 average,"
Shares of Lam Research closed at $481.45 yesterday.
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