UPDATE: Stifel Reiterates on Lam Research Corporation Following 1Q14 Earnings Results Report

In a report published Thursday, Stifel analyst Patrick Ho reiterated a Buy rating on

, and raised the price target from $66.00 to $68.00. In the report, Stifel noted, “On Wednesday after the market close, Lam Research reported 1Q14 (Sept) earnings results of $1.02 billion in revenue and pro-forma EPS of $0.93, excluding options ($0.81, including), above our estimates of $1.0 billion and $0.84 ($0.70, including), respectively. On all fronts, the company exceeded our expectations. In terms of the industry commentary, we believe those from management are consistent with what we are seeing in the industry. Management noted a pickup in memory (NAND and DRAM) and the ramp of 20nm (which is TSMC's buildout) for the December quarter. We believe this corresponds to the buildouts we are seeing at Samsung (Xian), DRAM (in response to the recent Hynix fire) and the foundries (TSMC 20nm).” Lam Research Corporation closed on Wednesday at $52.21.