UPDATE: Goldman Sachs Upgrades Lam Research Corporation to Buy, Raises PT on Multiple Positive Factors

In a report published Thursday, Goldman Sachs analyst James Covello upgraded the rating on

from Neutral to Buy, and raised the price target from $45.00 to $64.00. In the report, Goldman Sachs noted, “We are upgrading Lam to Buy from Neutral for three reasons: 1) The long-discussed memory capex cycle has finally arrived with upside driven by memory spending. 2) Better margins in September show management is now executing to its target operating model. 3) After guiding below consensus for 5 of the last 6 quarters, Lam guided December above the Street on better memory outlook and margins. Even though Lam is up 45% YTD, numbers haven't gone up at all since the beginning of the year. With the memory cycle and margins now going in the right direction, we are confident Street estimates can begin to move higher in 2014, which should drive additional upside in the stock.” Lam Research Corporation closed on Wednesday at $52.21.