UPDATE: Bank Of America Reiterates On Lam Research Following Company Analyst Day

In a report published Wednesday, Bank of America analyst Krish Sankar reiterated a Buy rating on

, and raised the price target from $67.00 to $80.00. In the report, Bank of America noted, “LRCX held an analyst day at Semicon West yesterday. The management tightened the wafer fab equipment (WFE) spending range for CY14 to $32B +/-$1B. The company should benefit as the upcoming 3D technology inflections of FinFET and vNAND are deposition and etch intensive. Furthermore, the management laid out financial targets with goal of getting to $7.00 in earnings power (mid-point) at a $36B WFE spending environment. We reiterate our Buy rating.” Lam Research closed on Tuesday at $69.67.