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Lam Research (NASDAQ:LRCX) reached a new 52-week high during mid-day trading on Thursday after the company announced better than expected quarterly earnings, AnalystRatingsNetwork reports. The company traded as high as $72.92 and last traded at $70.94, with a volume of 4,392,822 shares trading hands. The stock had previously closed at $67.89.

The company reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.23 by $0.02. The company had revenue of $1.25 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter in the previous year, the company posted $0.80 earnings per share. The company’s revenue for the quarter was up 26.6% on a year-over-year basis.

Several analysts have recently commented on the stock. Analysts at Citigroup Inc. reiterated a “neutral” rating on shares of Lam Research in a research note on Thursday. They now have a $74.00 price target on the stock, up previously from $70.00. Separately, analysts at Stifel Nicolaus raised their price target on shares of Lam Research from $81.00 to $84.00 in a research note on Thursday. They now have a “buy” rating on the stock. Finally, analysts at Susquehanna raised their price target on shares of Lam Research from $56.00 to $60.00 in a research note on Thursday. Two research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $72.08.

The stock’s 50-day moving average is $68.61 and its 200-day moving average is $58.68. The company has a market cap of $11.557 billion and a P/E ratio of 23.93.

Lam Research Corporation (NASDAQ:LRCX), is a supplier of wafer fabrication equipment and services to the worldwide semiconductor industry.

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