Pacific Crest Increases Lam Research Corp. Price Target to $62.00 (LRCX)
Investment analysts at Pacific Crest lifted their price target on shares of Lam Research Corp. (NASDAQ:LRCX) from $55.00 to $62.00 in a note issued to investors on Thursday, AnalystRatingsNetwork.com reports. The firm currently has an “outperform” rating on the stock. Pacific Crest’s price target suggests a potential upside of 13.20% from the company’s current price.
Lam Research Corp. (NASDAQ:LRCX) traded up 3.34% during mid-day trading on Thursday, hitting $54.77. 4,466,864 shares of the company’s stock traded hands. Lam Research Corp. has a 52-week low of $31.17 and a 52-week high of $51.00. The stock’s 50-day moving average is $48.59 and its 200-day moving average is $45.91. The company has a market cap of $8.936 billion and a P/E ratio of 80.30.
Lam Research Corp. (NASDAQ:LRCX) last released its earnings data on Wednesday, October 23rd. The company reported $0.81 earnings per share (EPS) for the quarter, beating the 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 previous year, the company posted $0.53 earnings per share. The company’s revenue for the quarter was up 11.9% on a year-over-year basis. Analysts expect that Lam Research Corp. will post $4.06 EPS for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at Needham & Company raised their price target on shares of Lam Research Corp. from $60.00 to $63.00 in a research note to investors on Thursday. They now have a “buy” rating on the stock. Separately, analysts at Credit Suisse raised their price target on shares of Lam Research Corp. from $58.00 to $60.00 in a research note to investors on Thursday. They now have an “outperform” rating on the stock. Finally, analysts at Northland Securities raised their price target on shares of Lam Research Corp. from $58.00 to $65.00 in a research note to investors on Thursday. They now have a “buy” rating on the stock. Three research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $59.58.
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 dated Monday, October 21st. The stock was sold at an average price of $54.36, for a total value of $326,160.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
Lam Research Corporation (NASDAQ:LRCX), is a supplier of wafer fabrication equipment and services to the worldwide semiconductor industry.
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