Stifel Reiterates Buy Rating on Lam Research (LRCX)

Stifel analyst Brian Chin reiterated a Buy rating and $100.00 price target on Lam Research (NASDAQ: LRCX).

He said, "Lam Research reported upside to ours/consensus estimates for F2Q(Dec), underscored by NAND more than doubling QQ (to 24% of system sales), with revenue to Korea increasing by a similar $-amount. Lam sees technology-focused upgrades of older NAND capacity picking up in 2025, which we believe is led by Samsung (236L in P2) and hits earlier than we anticipated, well-timed given the expected step-down in China (31% of sales). Lam also flagged incremental contributions in 2025 from SAM expansion/share gain in advanced NAND, DRAM and Foundry. Despite softness in mature foundry/logic, Lam’s outlook for F3Q(Mar) came in well above expectation, a reflection of its product execution and strong position at leading-edge nodes. While signaling for some China revenue headwind in the backhalf (tied to recent export restriction), we believe the reemergence of tailwinds in NAND positions Lam to sharply outgrow WFE and reiterate our Buy-rating and $100 target price."

For an analyst ratings summary and ratings history on Lam Research click here. For more ratings news on Lam Research click here.

Shares of Lam Research closed at $75.15 yesterday.

You May Also Be Interested In

• Morgan Stanley Upgrades Telecom Argentina (TEO) to Overweight
• RoboStrategy NAV rises 30.5% to $191.6M as of June 22
• DA Davidson Reiterates Neutral Rating on Alta Equipment Group (ALTG)