Needham & Company analyst Y. Edwin Mok reiterated a Buy rating and boosted his price target on Lam Research (NASDAQ: LRCX) to $95.00 (from $93.00) following solid Q2 results.

Mok commented, "LRCX reported another solid quarter with largely inline results, and provided guidance slightly above consensus. With a strong backlog (grew by >20%), clear momentum of new products and leading positions around technology inflections (mulit-patterning, FinFET, 3D NAND & Advanced packaging), we have conviction that the company will continue to expand its SAM and gain share. While some investors might be concerned by the weaker gross margins guidance and the slightly higher expenses, we note that the operating leverage in the model is not lost and is expected to return in C2H15. We reiterate our Buy and raise our PT to $95 (from $93).​"

The firm raised FY 2015 EPS from $4.52 to $4.92 and FY 2016 EPS from $5.47 to $5.88.

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Shares of Lam Research closed at $79.72 yesterday.