Investment Thesis
Lam Research (LRCX) trades at an all-time high, as investor confidence is noticeably strong. However, on this rare occasion there are reasons to believe the stock remains cheaply valued. Here's why:
Strong Tailwinds to the Back
After the challenging 2019 investors had to endure, calendar 2020 is showing strong promise:
Source: author's calculations
Going into the March 2020 quarter, Lam is guiding for an increase of 15% to the top-line. This is quite a different strength from where we were this time last year.
Lam Research notes strength in foundry and