Lam Research rises as Stifel upgrades to buy
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Lam Research (NASDAQ:LRCX) shares rose more than 1% in early Monday trading as investment firm Sitfel upgraded the semiconductor equipment maker ahead of its quarterly earnings report.
Analyst Brian Chin raised his rating on Lam Research (LRCX) shares to buy from hold and boosted his per-share price target to $725 from $505, pointing out that dynamic random access memory looks to be a way to benefit from the rising trend of artificial intelligence.
Other chip equipment stocks were mixed on Monday following Stifel's upgrade of Lam. Applied Materials (AMAT) rose nearly 1%, while KLA Corp. (KLAC) was fractionally lower and ASML (ASML) dropped 1.6%.
Dutch-based ASML (ASML) reported second-quarter results last week and raised its fiscal 2023 outlook.
Lam Research (LRCX) is slated to report quarterly results after the close of trading on July 26. A consensus of analysts estimate the company will earn $5.13 per share on $3.15B in revenue.
Analysts are largely bullish on Lam Research (LRCX). It has a BUY rating from Seeking Alpha authors, while Wall Street analysts rate it a BUY. Conversely, Seeking Alpha's quant system, which consistently beats the market, rates LRCX a HOLD.
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