Deutsche Bank analyst Sidney Ho downgraded Lam Research to Hold from Buy with a price target of $725, up from $680, as part of a broader research note previewing 2024 for U.S. Semicap Equipment names. The stock has already priced in a robust memory capex recovery in 2025, the analyst tells investors in a research note. Shares are currently trading at about 18-times expected 2025 earnings, which already assumes y/y EPS growth of about 40%, vs. a 5-year median multiple of 17-times, and the current risk-reward on the stock looks “less appealing”, the firm added.
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