UPDATE: Citigroup Raises PT to $35 on Lam Research on Solid Quarter

Citigroup reiterated its Neutral rating on Lam Research LRCX but raised its price target from $34 to $35. Citigroup said, "LRCX traded up 1.3% after hours after beating Sep-Q and missing Dec-Q Street/Citi expectations. Stock action indicates Street feared a sharp shipments decline or worse than 14% qq guide. Despite strong execution in the Sept-Q, we remain Neutral rated as the stock appears fairly valued and a shift in foundry manufacturing to TSMC from Samsung for Apple's mobile processors could hurt LRCX more than peers given relatively high share at Samsung, in our view." Lam Research closed at $33.58 on Wednesday.