Investment Thesis
Lam Research's (LRCX) Q3 2020 results were more mixed than investors had hoped for. On the other hand, Lam is navigating this uncertain period significantly better than many other companies.
Also, Lam continues to generate strong free cash flows even during this challenging period. Further, Lam has up until recently been a strong repurchaser of its own shares and is determined to resume repurchasing its shares as soon as possible, noting its ambitions to return 75% to 100% of its free cash flow to shareholders.
Lam trades for just 16 times its forward