Needham & Company analyst Y. Edwin Mok reiterated a Buy rating while lifting estimates and his price target on Lam Research (NASDAQ: LRCX) to $95.00 (from $93.00) following "solid" results after the close.

Mok commented, "LRCX reported a solid quarter with surprisingly strong guidance. While recent industry data points have been more negative, LRCX is seeing strengthened demand driven by the combination of increased etch/deposition intensities on technology inflections (multi-patterning, FinFET, & 3D NAND) and its market share gains. We believe the report once gain confirmed the company's success in converting its pipeline of technology wins into increased market share as customers invest in the most advanced technologies. We continue to believe LRCX is the best positioned large-cap name in the group as it outgrows its peers and the industry. We reiterate our Buy and raise our PT to $95 (from $93)."

The firm increases NG EPS estimates for FY15 and FY16 to $5.06 and $5.81, respectively.

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Shares of Lam Research closed at $71.99 yesterday.