TD Cowen analyst Krish Sankar raised the price target on Lam Research (NASDAQ: LRCX) to $340.00 (from $290.00) while maintaining a Buy rating.

The analyst commented: "Share Gains + NAND Upside Keep the Growth Story Intact; The bears will argue that there isn't much upside to numbers after the strong Jun Q guide (10% beat on revs) and multiples are high. We argue, customer demand & profitability remains supportive of continued increase in estimates, and can sustain the multiples for LRCX. Share gains in Foundry, DRAM & upside to NAND WFE (not even half way through $40B upgrade TAM) keeps us bullish. PT to $340."