Piper Jaffray reiterated an Overweight rating and $94.00 price target on Lam Research (NASDAQ: LRCX) following 4Q15 results. Revenues of $1.48B and non-GAAP EPS of $1.50 beat consensus of $1.46b and $1.47. LRCX guided Sept. '15 quarter revenues to $1.6B, and non-GAAP EPS to $1.70, well ahead of consensus of $1.4B and $1.38.

Analyst Ruben Roy commented, "We reiterate our OW rating and $94 PT on LRCX and continue to view the company as the best positioned semi-cap company given growth trends over the next 12-18 months. LRCX's Sept. quarter guide handily beat consensus estimates, although management expects a downturn in shipments in the Dec. quarter. LRCX now expects C2H15 revenues to be slightly stronger than C1H15 revenues. This would put LRCX on pace to deliver 20% y/y revenue growth (calendar basis) for three years straight, outpacing the overall market. Memory likely continues to be an LRCX strength with a focus on 3D NAND spending in C2H15. Despite negative capex revisions at major customers this year, LRCX continues to outperform due to strength in deposition and etch spending. Execution remains strong and we continue to recommend the stock."

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Shares of Lam Research closed at $77.67 yesterday.