Lam Research Sets New 52-Week High After Analyst Upgrade (LRCX)
Lam Research (NASDAQ:LRCX) shares hit a new 52-week high during mid-day trading on Monday after Stifel Nicolaus raised their price target on the stock from $69.00 to $81.00, StockRatingsNetwork reports. Stifel Nicolaus currently has a buy rating on the stock. Lam Research traded as high as $67.99 and last traded at $67.57, with a volume of 757,186 shares. The stock had previously closed at $66.95.
The analysts wrote, “[On] Tuesday, Lam Research is scheduled to host an Analyst Day during the Semicon West event in San Francisco (for additional details on the event, see our accompanying note, Semi Cap Update: Semicon West Preview: Riding the Wave of Rising Capital Intensity, June 29). “Ahead of the Analyst Day, we are raising our target price to $81 (from $69), which reflects the same 12x multiple we have used but off our new CY15 estimates plus the net cash. We believe the company is well positioned to benefit from increasing capital intensity trends in its key markets and deliver or even exceed its current long-term business model targets.”
Other equities research analysts have also recently issued reports about the stock. Analysts at Needham & Company LLC raised their price target on shares of Lam Research from $67.00 to $82.00 in a research note on Friday. They now have a “buy” rating on the stock. Separately, analysts at Deutsche Bank raised their price target on shares of Lam Research from $62.00 to $81.00 in a research note on Friday. They now have a “buy” rating on the stock. Finally, analysts at B. Riley raised their price target on shares of Lam Research from $67.00 to $80.00 in a research note on Thursday. They now have a “buy” rating on the stock. Three research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $68.89.
The stock’s 50-day moving average is $62.92 and its 200-day moving average is $56.00. The company has a market cap of $10.954 billion and a P/E ratio of 23.60.
Lam Research (NASDAQ:LRCX) last released its earnings data on Wednesday, April 23rd. The company reported $1.26 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.16 by $0.10. The company had revenue of $1.23 billion for the quarter, compared to the consensus estimate of $1.22 billion. During the same quarter in the prior year, the company posted $0.44 earnings per share. The company’s quarterly revenue was up 38.7% on a year-over-year basis. On average, analysts predict that Lam Research will post $4.40 earnings per share 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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