Lam Research Corp. Upgraded to “Buy” by Goldman Sachs Group Inc. (LRCX)
Lam Research Corp. (NASDAQ:LRCX) was upgraded by analysts at Goldman Sachs Group Inc. from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Thursday, TheFlyOnTheWall.com reports. The firm currently has a $64.00 price target on the stock, up from their previous price target of $45.00. Goldman Sachs Group Inc.’s price target would indicate a potential upside of 22.58% from the stock’s previous close.
The analysts wrote, “We are upgrading Lam to Buy from Neutral for three reasons: 1) The long-discussed memory capex cycle has finally arrived with upside driven by memory spending. 2) Better margins in September show management is now executing to its target operating model. 3) After guiding below consensus for 5 of the last 6 quarters, Lam guided December above the Street on better memory outlook and margins. Even though Lam is up 45% YTD, numbers haven’t gone up at all since the beginning of the year. With the memory cycle and margins now going in the right direction, we are confident Street estimates can begin to move higher in 2014, which should drive additional upside in the stock.”
In other Lam Research Corp. news, SVP Sarah A. O’dowd unloaded 6,000 shares of the company’s stock on the open market in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $54.36, for a total transaction of $326,160.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Other equities research analysts have also recently issued reports about the stock. Analysts at Stifel Nicolaus raised their price target on shares of Lam Research Corp. from $57.00 to $66.00 in a research note to investors on Monday. They now have a “buy” rating on the stock. Separately, analysts at JPMorgan Chase & Co. initiated coverage on shares of Lam Research Corp. in a research note to investors on Monday, October 14th. They set an “overweight” rating and a $65.00 price target on the stock. Finally, analysts at B. Riley raised their price target on shares of Lam Research Corp. from $58.00 to $63.00 in a research note to investors on Tuesday, October 8th. They now have a “buy” rating on the stock. Three research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $57.56.
Shares of Lam Research Corp. (NASDAQ:LRCX) opened at 52.21 on Thursday. Lam Research Corp. has a 1-year low of $31.17 and a 1-year high of $51.00. The stock has a 50-day moving average of $48.59 and a 200-day moving average of $45.91. The company has a market cap of $8.518 billion and a P/E ratio of 79.11.
Lam Research Corp. (NASDAQ:LRCX) last posted its quarterly earnings results on Wednesday, October 23rd. The company reported $0.81 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.71 by $0.10. The company had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter in the prior year, the company posted $0.53 earnings per share. The company’s quarterly revenue was up 11.9% on a year-over-year basis. Analysts expect that Lam Research Corp. will post $3.83 EPS for the current fiscal year.
Lam Research Corporation (NASDAQ:LRCX), is a supplier of wafer fabrication equipment and services to the worldwide semiconductor industry.
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