LRCX - Lam Research rises as Stifel upgrades to buy

2023-07-24 10:00:09 ET

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 .

More on Lam Research

• Lam Research: Reaching The Upper Range Of Its Valuation (Rating Downgrade)
• Lam Research: Navigating A Shifting Semiconductor Landscape
• Lam Research Is Still A Long-Term Buy

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