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UPDATE: Citigroup Downgrades Lam Research Corporation to Neutral, Lowers PT

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In a report published Wednesday, Citigroup downgraded its rating on Lam Research Corporation (NASDAQ: LRCX) from Buy to Neutral, and lowered its price target from $39.00 to $34.00.

Citigroup noted, “We downgrade LRCX to Neutral from Buy and reduce our target to $34 from $39 on lower estimates. Positives: a) valuation remains un-heroic, b) LRCX is a year-to-date underperformer, and c) any memory spending improvement could disproportionately reward LRCX. Negatives: a) Street may have to calibrate OpEx higher after LRCX's 11/8 analyst day, b) shift to TSMC from Samsung could be negative – we estimate LRCX holds 65% etch share at Samsung but 40-50% etch share at TSMC.”

Lam Research Corporation closed on Tuesday at $33.70.

Latest Ratings for LRCX

DateFirmActionFromTo
Apr 2016B. RileyMaintainsBuy
Mar 2016RBC CapitalInitiates Coverage onOutperform
Jan 2016B. RileyMaintainsBuy

View More Analyst Ratings for LRCX
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Posted-In: CitigroupAnalyst Color Downgrades Analyst Ratings

 

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