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Fly News Breaks for June 23, 2016
LRCX
Jun 23, 2016 | 07:26 EDT
Nomura raised Lam Research's price target to $95 from $85 following a recent meeting with CFO Doug Bettinger and CTO David Hemker. After lowering 2H 2016 expectations in April, Lam was surprisingly constructive in its outlook. Mr. Bettinger discussed a WFE spending environment that is second-half weighted, confident that shipments would grow in 2016 and share gains in 3D NAND and Foundry. Mr. Bettinger characterized NAND as being 1H-weighted, but this forecast could be conservative.The analyst expects the KLA-Tencor acquisition to increase earnings by 15-20% and reiterates his Buy rating.
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