Lam Research upgraded to Outperform from Market Perform at Bernstein

Bernstein upgraded Lam Research (LRCX) to Outperform from Market Perform with a price target of $91, up from $85. The company reported a solid fiscal Q2 with NAND “the big surprise,” more than doubling quarter-over-quarter to two-year highs on upgrade spending, the analyst tells investors in a research note. The firm says semiconductor capital equipment spending overall is looking better this year, and if Lam’s NAND business is really beginning to show even a modest recovery, “the rest of the company starts to look similar.” As such, Bernstein thinks the stock’s risk/reward is “skewing positive enough here.”