Needham raised the firm’s price target on Lam Research (LRCX) to $1,030 from $900 and keeps a Buy rating on the shares. The firm contends that the WFE mix will shift towards memory and lead to relative outperformance of the company’s shares in 2025 when softer China demand causes the industry growth to slow, the analyst tells investors in a research note. Needham adds that its new price target is based on its unchanged forward earnings multiple for Lam Research of 25-times, which is also in-line with that of Applied Materials (AMAT).
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