Lam Research initiated with an Outperform at Evercore ISI

Evercore ISI initiated coverage of Lam Research with an Outperform rating and $1,200 price target. The company is well positioned to benefit from the SemiCap secular drivers, namely bigger chips, complex manufacturing, trailing node buildouts, and semiconductor nationalization, the analyst tells investors in a research note. Evercore adds that it views the stock as a particular beneficiary of cyclical recovery in memory spending, increased demand for advanced packaging, trailing node demand, and Gate-All-Around architectures.