Credit Suisse Believes Lam Research (NASDAQ: LRCX) Still Has Room to Grow

By Carrie Williams

Credit Suisse analyst Farhan Ahmad maintained a Buy rating on Lam Research (NASDAQ: LRCX) yesterday and set a price target of $214. The company’s shares closed yesterday at $164.76, close to its 52-week high of $170.

According to TipRanks.com, Ahmad is a 2-star analyst with an average return of 17.1% and a 100.0% success rate. Ahmad covers the Consumer Goods sector, focusing on stocks such as Keysight Technologies, Rudolph Technologies, and Applied Materials.

Currently, the analyst consensus on Lam Research is Strong Buy and the average price target is $195.14, representing a 18.4% upside.

In a report released yesterday, Cowen & Co. also reiterated a Buy rating on the stock with a $185 price target.

Based on Lam Research’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $2.34 billion and quarterly net profit of $526 million. In comparison, last year the company earned revenue of $1.55 billion and had a net profit of $259 million.

Based on the recent corporate insider activity of 80 insiders, corporate insider sentiment is negative on the stock.

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Lam Research Corp. engages in the manufacture and service of wafer processing semiconductor manufacturing equipment. Its products include front-end wafer processing, back-end wafer-level packaging, and other related products.