Lam Research resumed with a Hold at Stifel

Stifel analyst Brian Chin resumed coverage of Lam Research with a Hold rating and $495 price target. Fundamentals, particularly in the memory market, have rapidly deteriorated, and Chin expects investment to contract sharply next year and lead a decline in overall fab spending, the analyst tells investors in a research note, adding that Lam’s leadership position in memory will likely represent a drag on the business in 2023.