Investment Thesis
Lam Research (LRCX) stock performance has been very choppy during 2020 as its recent revenue growth rates have not provided investors with the confidence they require to invest in this cyclical company.
However, Lam is an expertly managed enterprise, with strong tailwinds both in memory and in its foundry operations. Meanwhile, investors are not willing to pay more than 21 times its trailing depressed free cash flow.
Even though its calendar 2023 financial target is aiming to reach approximately $4.3 billion of clean free cash flow, putting its stock presently trading