BofA analyst Vivek Arya lowered the firm’s price target on Lam Research (LRCX) to $700 from $740 and keeps a Buy rating on the shares. While September-end quarter results and December-end guidance beat the firm’s and consensus estimates on outsized China/DRAM contributions, this should normalize and fall off in the March-end quarter, creating “modest uncertainty” about the first half of calendar 2024 outlook, says the analyst, who also notes cautious ASML (ASML) commentary and a “muted memory recovery.”
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Read More on LRCX:
- Lam Research (NASDAQ:LRCX) Gets Wall Street Backing after Shares Dive
- Lam Research price target lowered to $700 from $720 at JPMorgan
- Lam Research Corporation Reports Financial Results for the Quarter Ended September 24, 2023
- Lam Research sees Q4 EPS $6.03-$7.53, consensus $6.79
- Lam Research reports Q3 non-GAAP EPS $6.85, consensus $6.12