Lam Research price target raised to $470 from $410 at Wells Fargo

Wells Fargo analyst Joe Quatrochi raised the firm’s price target on Lam Research to $470 from $410 and keeps an Equal Weight rating on the shares as it remains too early to call a bottom on the memory cycle. That said, the firm expects some will likely view Lam’s expected completion of excess deferred revenue rec in Q1 2023 and cost saving plans as positive.