Lam Research (LRCX) PT Raised to $220 at Needham & Company
Needham & Company analyst N. Quinn Bolton raised the price target on Lam Research (NASDAQ: LRCX) to $220.00 (from $215.00) while maintaining a Buy rating.
The analyst commented, "Lam Research reported solid F3Q19 results and provided better-than-expected F4Q19 guidance. While reiterating a mid- to high-teen decline in WFE and confirming no memory capacity expansion in 2019, management's commentary reveals that LRCX has significantly stepped up its installed base business and is focused on driving revenue from field chamber upgrades in memory fabs this year. Such chamber upgrades help IDMs migrate to the next technology node in a cost effective way without adding capacity, supporting IDMs' goals of managing bit output growth in the current overcapacity environment. For LRCX, it nicely buffers the decline in new tools revenue in a turbulent 2019. To reflect the substantial uplift from the installed base business, we are raising price target for LRCX to $220 and reiterate our Buy rating."