Lam Research price target raised to $500 from $470 at Wells Fargo

Wells Fargo analyst Joe Quatrochi raised the firm’s price target on Lam Research to $500 from $470 and keeps an Equal Weight rating on the shares. While Q2 could mark a bottom in memory WFE, the path/pace of a recovery remains less clear as the firm thinks investors will question a bouncing along the bottom as the industry remains focused on inventory reduction.