Why Lam Research Stock Topped the Market on Thursday
One of the better performing chip stocks this year, Lam Research (NASDAQ: LRCX), had yet another good day on the market Thursday. On the back of a recommendation upgrade from one analyst and several price-target raises from others, the company's shares closed the day nearly 2% higher. That was more than sufficient to beat the slumping S&P 500 index, which fell by 0.4%.The recommendation change came from Susquehanna Research one day after Lam's research day. Susquehanna now feels Lam is worthy of a positive (i.e., buy) tag; previously, it had flagged the stock as only a neutral. It also raised its price target on the shares to $125 apiece. According to reports, the new evaluation was based on Lam's successful expansion into markets new to the company. The Susquehanna update also sang the praises of management's attempts to diversify revenue according to device type, among other positive tailwinds.Continue reading
One of the better performing chip stocks this year, Lam Research (NASDAQ: LRCX), had yet another good day on the market Thursday. On the back of a recommendation upgrade from one analyst and several price-target raises from others, the company's shares closed the day nearly 2% higher. That was more than sufficient to beat the slumping S&P 500 index, which fell by 0.4%.
The recommendation change came from Susquehanna Research one day after Lam's research day. Susquehanna now feels Lam is worthy of a positive (i.e., buy) tag; previously, it had flagged the stock as only a neutral. It also raised its price target on the shares to $125 apiece.
According to reports, the new evaluation was based on Lam's successful expansion into markets new to the company. The Susquehanna update also sang the praises of management's attempts to diversify revenue according to device type, among other positive tailwinds.
