2024-04-18 04:20:00 ET
The stock of semiconductor equipment maker Lam Research (NASDAQ: LRCX) has done very well of late (it's up 87% over the past year), yet one pundit tracking the company believes it can go even higher. In his view, the stock is well positioned to break through the $1,000-per-share level, setting a new all-time-high share price.
In mid-April, Stifel Financial prognosticator Brian Chin raised his 12-month price target on Lam Research to $1,050 per share, adding an even $100 to his previous fair value estimation of $950. He maintained his buy recommendation on the cutting-edge chipmaking equipment specialist as he did so. The target suggests a nearly 12% upside for the stock over the next 12 months.
Lam Research's recent popularity is due in large part to the explosive growth in interest regarding anything artificial intelligence (AI) -related. This has led to great interest from investors eager to profit from the sharp rise of the technology. The company is a key manufacturer of the equipment used by companies that make memory chips, a segment that will likely rocket higher in demand due to the high-bandwidth memory (HBM) needed to power AI capabilities.
For further details see:
Is Lam Research Stock Going to $1,050? 1 Wall Street Analyst Thinks So.