Susquehanna Upgrades Lam Research (LRCX) to Positive

Susquehanna analyst Mehdi Hosseini upgraded Lam Research (NASDAQ: LRCX) from Neutral to Positive with a price target of $125.00 (from $75.00).

The analyst comments "Raising PT to $125 and upgrading Lam to Positive because: 1) we like the SAM expansion story laid out at the Analyst Day; the SAM expansion is also aimed at further diversifying Lam's revenue mix by device type; 2) with Samsung remaining a top 3 customer, any turnaround in Samsung's Memory business (YE25?) should help Lam outgrow WFE; 3) the NAND part of Lam's story is all about upgrade as the industry moves to >200L; 4) operating framework continues to scale, thus driving OM expansion; and 5) the 30% FCF margin target is exciting, with majority returned to shareholders. Also, we remind investors Lam already has in place authorization for $9B+ of buyback, implying ~8% EPS accretion (at current share price)."

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 $87.66 yesterday.

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