Lam Research price target raised to $970 from $915 at BofA

BofA analyst Vivek Arya raised the firm’s price target on Lam Research to $970 from $915 and keeps a Buy rating on the shares. Business has now generally stabilized after a sharp memory-driven downturn in 2023 and the firm thinks Lam is well positioned to benefit from the expected cyclical upturn in calendar years 2024 and 2025, says the firm, which raised its estimates following the company’s quarterly report. Valuation is above historical high-teens levels, but BofA believes this is justified by Lam’s much-improved earnings stability and strong free cash flow generation ability, the analyst added.