After hosting investor meetings with Lam Research's new President and CEO Tim Archer and CFO Doug Bettinger, JPMorgan analyst Harlan Sur reiterates an Overweight rating on the stock with a $190 price target. The current and "seemingly synchronized" memory customer focus on profitability should result in supply growth dynamics that are below normalized demand trends in the second half of 2019 for both DRAM and NAND, Sur tells investors in a research note. The last time the Lam team saw a similar trend in the first half of 2016, pricing and supply/demand dynamics started to inflect positively by mid-year, adds the analyst. Lam remains Sur's top semicap pick for 2019.