B.Riley FBR analyst Craig Ellis reiterated a Hold rating on Lam Research (LRCX) today and set a price target of $160. The company’s shares opened today at $139.89, close to its 52-week low of $122.64.
Ellis observed:
“SemiCap reporting kicks off this week with ASML on 1/22 and Lam Research (LRCX) on 1/23 AMC, while Semi’s bellwether results hit from TXN on 1/23 and INTC on 1/24. For LRCX, we preview in line with our at-guidance and at-Street F2Q19 estimates in a known CEO transition quarter. However, in response to visibly disappointing smartphone sales and dour memory pricing which we believe contributed to MU’s -9.5% FY19 capex cut in late December, we reduce F3Q19 and F4Q19 sales, gross margin, and EPS, though acknowledge even these estimates could prove optimistic if Samsung, Hynix, and others aggressively constrict near-term spend. So, FY19-21 EPS fall by $0.76, $2.24 and $3.43 to $13.88, $16.09 and $17.74.”
According to TipRanks.com, Ellis is a top 100 analyst with an average return of 17.4% and a 58.2% success rate. Ellis covers the Consumer Goods sector, focusing on stocks such as Sequans Communications S A, Applied Materials Inc, and Axcelis Technologies.
Lam Research has an analyst consensus of Moderate Buy, with a price target consensus of $190.75, a 36.4% upside from current levels. In a report issued on January 15, Deutsche Bank also maintained a Hold rating on the stock with a $160 price target.
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The company has a one-year high of $234.88 and a one-year low of $122.64. Currently, Lam Research has an average volume of 2.83M.
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Lam Research Corp. engages in manufacturing and servicing of wafer processing semiconductor manufacturing equipment. It operates through the following geographical segments: the United States, China, Europe, Japan, Korea, Southeast Asia, and Taiwan. It offers thin film deposition, plasma etch, photoresist strip, and wafer cleaning.
