Needham analyst N.Quinn Bolton raised his price target on Lam Research (LRCX) to $250 and kept his Buy rating as part of his broader industry report profiling the shift in TSMC (TSM) WFE spending shift from 20nm to 5nm and the recent news that it may increase its 2019 capital expenditure from $10B-$11B to as much as $12.5B. The analyst adds that his new price target implies a forward earnings multiple of 13-times, up from 11.5-times in his prior model, reflecting the stronger TSMC outlook and the recent sector rotation into cyclicals benefiting the Semiconductor Capital Equipment industry.