Lam Research Corporation (NASDAQ:LRCX) shares are trading lower by 1.79% to $455.67 Monday morning. Barclays downgraded the stock from Overweight to Equal-Weight and lowered its price target from $625 to $450.

Shares of semiconductor and chip companies at large fell last week in sympathy with Seagate Technology Holdings PLC (NASDAQ:STX), which reported worse-than-expected fourth-quarter results and issued weak first-quarter guidance. Weakness in Seagate has dimmed earnings sentiment for the broader semi space.

Seagate reported earnings per share of $1.59, missing the consensus estimate of $1.92. Revenue of $2.63 billion also missed analyst expectations of $2.78 billion...Read More

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Lam Research manufactures equipment used to fabricate semiconductors.

According to data from Benzinga Pro, Lam Research has a 52-week high of $731.85 and a 52-week low of $375.87.