Argus analyst Jim Kelleher kept his Buy rating and $235 price target on Lam Research, saying yesterday's 5% decline in the stock price was less about the company's Q3 earnings and more about investors' concerns with memory pricing trends. The analyst contends however that while companies with exposure to memory have traded softly this year on concerns with cratering NAND prices, his analysis suggests "more of a mix shift toward high-capacity drives than a steep NAND price decline." Kelleher believes that yesterday's stock price decline presented a buying opportunity.
BofA analyst Vivek Arya raised the firm's price target on Lam Research to $1,000 from $970 and keeps a Buy rating on the shares. Lam "delivered a solid beat and raise" with growth expected to accelerate into the second half of the calendar year, says the firm, which adds that it is "beginning to see the green shoots of NAND recovery."
TD Cowen raised the firm's price target on Lam Research to $1,000 from $975 and keeps a Buy rating on the shares. The firm said NAND recovery is off to a good start with two consecutive quarters of 25-30% sequential growth and other vectors are also showing growth.
Susquehanna analyst Mehdi Hosseini lowered the firm's price target on Lam Research to $850 from $880 and keeps a Neutral rating on the shares. The firm said they posted a good print and guidance as its report and commentary were inline with Susquehanna's preview.
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