Stifel analyst Patrick Ho recommends investors use the post-earnings pullback in Lam Research shares as an opportunity to buy as he noted that the company reported Q3 earnings that exceeded expectations and also provided an outlook ahead of his and consensus' forecasts, leading him to raise his estimates following the call. He attributes two reasons for the after-hours selloff: the stock's rally into the earnings call and some "sell the news" effect along with a shipment outlook and commentary that may have emboldened bears who think we are at the peak of the cycle, particularly on the memory front. However, he remains "steadfast" in the view that the market is not at or near an overcapacity situation, Ho tells investors. He raised his price target on Lam shares to $295 from $260 and keeps a Buy rating on the stock.