Lam Research Sees Strong Trading Volume on Analyst Upgrade (LRCX)
Lam Research (NASDAQ:LRCX) saw an uptick in trading volume on Wednesday after Nomura raised their price target on the stock from $70.00 to $75.00, AR Network reports. Nomura currently has a buy rating on the stock. 1,967,270 shares traded hands during mid-day trading, an increase of 16% from the previous session’s volume of 1,700,319 shares.The stock last traded at $71.45 and had previously closed at $69.67.
LRCX has been the subject of a number of other recent research reports. Analysts at Cowen and Company reiterated an “outperform” rating on shares of Lam Research in a research note on Tuesday. Separately, analysts at Stifel Nicolaus raised their price target on shares of Lam Research from $69.00 to $81.00 in a research note on Monday, June 30th. They now have a “buy” rating on the stock. Finally, 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, June 27th. They now have a “buy” rating on the stock. Three equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $69.03.
The stock’s 50-day moving average is $64.89 and its 200-day moving average is $56.81. The company has a market cap of $11.571 billion and a price-to-earnings ratio of 24.56.
Lam Research (NASDAQ:LRCX) last announced its earnings results on Wednesday, April 23rd. The company reported $1.26 earnings per share (EPS) for the quarter, beating the 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 previous year, the company posted $0.44 earnings per share. The company’s revenue for the quarter was up 38.7% on a year-over-year basis. Analysts expect that Lam Research will post $4.40 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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