Bernstein raised the firm’s price target on Lam Research to $750 from $650 and keeps a Market Perform rating on the shares. The firm notes posted good Q2 results. Systems beat, while CSBG was in-line. Memory improved sequentially driven mostly by DRAM; NAND revenues also returned to some sequential growth in the December quarter from upgrades. Gross margins were strong at 47.6%, 60 bps above guidance on favorable customer mix, Bernstein adds.
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