UPDATE: Barclays Downgrades Lam Research (LRCX) to Equalweight

July 25, 2022 4:36 AM EDT
Get Alerts LRCX Hot Sheet
Price: $370.55 -2.91%

Rating Summary:
    21 Buy, 12 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 11 | Down: 11 | New: 34
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(Updated - July 25, 2022 5:14 AM EDT)

Barclays analyst Blayne Curtis downgraded Lam Research (NASDAQ: LRCX) from Overweight to Equalweight with a price target of $450.00 (from $625.00).

The analyst comments "Downgrade LRCX to EW, Hard to See Name Working with Memory Cuts: The Memory market has already seen corrections but we still see an additional 30-40% downside to earnings (we model Memory WFE down 21% in CY23), with LRCX EPS ultimately bottoming in the $25-30 range over the next couple years. We don’t see compelling upside when applying a normalized historical multiple on ~$30 of EPS, which assumes $80-90B WFE and consistent market share."

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 $463.99 yesterday.

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