Lam Research

The following is a summary of the Lam Research Corporation (LRCX) Q2 2024 Earnings Call Transcript: Financial Performance: Lam Research Corporation reported robust Q2 financial results, with annual revenue at $14.3 billion and diluted earnings per share at $27.33. Q2 revenue was $3.76 billion, up 8% from the prior quarter and down 29% year-over-year. Gross margin for the quarter was 47.6%, and operating margin maintained at 30%. The company returned approximately 79% of its free cash flow in 2023, amounting to $3.8 billion. Lam repurchased close to 5 million shares in 2023, with a remaining $2.1 billion in the Board-authorized share repurchase plan. Business Progress: Lam showed significant advancements in the foundry, logic, and specialty technology segments, expanding non-memory revenue share. Installed base increased nearly 50% from 2019, with revenue growth over 80%. Projected a modest recovery in memory spending for 2024 with WFE spending estimated to be in the […]

Lam Research (NASDAQ:LRCX) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/19/2024 5.65% Raymond James $725 → $850 Maintains Outperform 01/16/2024 5.65% Stifel $750 → $850 Maintains Buy 01/16/2024 -6.78% Barclays $600 → $750 Maintains Equal-Weight 12/08/2023 -10.51% Morgan Stanley → $720 Downgrades Overweight → Equal-Weight 11/22/2023 -0.57% Redburn Atlantic → $800 Initiates Coverage On → Buy 10/19/2023 -13% JP Morgan $720 → $700 Maintains Overweight 10/19/2023 -13% B. Riley Securities $690 → $700 Maintains Neutral 10/13/2023 -0.57% Needham → $800 Upgrades Hold → Buy 10/05/2023 -9.89% UBS $750 → $725 Maintains Buy 09/15/2023 2.54% Wolfe Research → $825 Initiates Coverage On → Outperform 08/28/2023 -6.78% Stifel $725 → $750 Maintains Buy 07/27/2023 -10.51% Morgan Stanley $550 → $720 Maintains Overweight 07/27/2023 -10.51% JP Morgan $550 → $720 Maintains Overweight 07/27/2023 -19.21% Wells Fargo $620 → $650 Maintains Equal-Weight 07/27/2023 -0.57% Citigroup

Raymond James analyst Srini Pajjuri maintains Lam Research (NASDAQ:LRCX) with a Outperform and raises the price target from $725 to $850.

Lam Research (NASDAQ:LRCX) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/16/2024 -1.52% Barclays $600 → $750 Maintains Equal-Weight 12/08/2023 -5.46% Morgan Stanley → $720 Downgrades Overweight → Equal-Weight 11/22/2023 5.04% Redburn Atlantic → $800 Initiates Coverage On → Buy 10/19/2023 -8.09% JP Morgan $720 → $700 Maintains Overweight 10/19/2023 -8.09% B. Riley Securities $690 → $700 Maintains Neutral 10/13/2023 5.04% Needham → $800 Upgrades Hold → Buy 10/05/2023 -4.8% UBS $750 → $725 Maintains Buy 09/15/2023 8.33% Wolfe Research → $825 Initiates Coverage On → Outperform 08/28/2023 -1.52% Stifel $725 → $750 Maintains Buy 07/27/2023 -5.46% Morgan Stanley $550 → $720 Maintains Overweight 07/27/2023 -5.46% JP Morgan $550 → $720 Maintains Overweight 07/27/2023 -14.65% Wells Fargo $620 → $650 Maintains Equal-Weight 07/27/2023 5.04% Citigroup $695 → $800 Maintains Buy 07/27/2023 -21.22% Barclays $575 → $600 Maintains Equal-Weight 07/24/2023 -4.8% Stifel $505

Barclays analyst Raimo Lenschow maintains Lam Research (NASDAQ:LRCX) with a Equal-Weight and raises the price target from $600 to $750.

Lam Research (NASDAQ:LRCX) Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 12/08/2023 2.71% Morgan Stanley → $720 Downgrades Overweight → Equal-Weight 11/22/2023 14.12% Redburn Atlantic → $800 Initiates Coverage On → Buy 10/19/2023 -0.14% JP Morgan $720 → $700 Maintains Overweight 10/19/2023 -0.14% B. Riley Securities $690 → $700 Maintains Neutral 10/13/2023 14.12% Needham → $800 Upgrades Hold → Buy 10/05/2023 3.42% UBS $750 → $725 Maintains Buy 09/15/2023 17.69% Wolfe Research → $825 Initiates Coverage On → Outperform 08/28/2023 6.99% Stifel $725 → $750 Maintains Buy 07/27/2023 2.71% Morgan Stanley $550 → $720 Maintains Overweight 07/27/2023 2.71% JP Morgan $550 → $720 Maintains Overweight 07/27/2023 -7.28% Wells Fargo $620 → $650 Maintains Equal-Weight 07/27/2023 14.12% Citigroup $695 → $800 Maintains Buy 07/27/2023 -14.41% Barclays $575 → $600 Maintains Equal-Weight 07/24/2023 3.42% Stifel $505 → $725 Upgrades Hold → Buy 07/24/2023 -3% Mizuho

Deutsche Bank Downgrades Lam Research to Hold From Buy, Adjusts Price Target to $725 From $680. Lam Research (LRCX) has an average rating of outperform and price targets ranging from $550 to $825, according to analysts polled by Capital IQ.

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We lift our 12-month target by $13 to $741 based on a P/E of 24x our CY 24 EPS view of $30.87. Our multiple is near semi equipment peers, but a premium to LRCX’s three-year historical average (19x), justified, in our view, by its increasing exposure to high-growth markets like high-bandwidth memory, advanced packaging, and backside power delivery. We increase our FY 24 (Jun.) EPS estimate by $1.79 to $28.73 and our FY 25 estimate by $0.22 to $35.43, with near-term strength driven by trailing-edge sales into China. Chinese customers accounted for 48% of revenue during the Sep-Q, a significant increase from 26% during the Jul-Q. We are skeptical if this pace of growth is sustainable in the long term, but we think China demand remains elevated

Lam Research Sees 2Q EPS $6.78 Plus or Minus 75c。

Lam Research Guides For Q2 EPS of $6.25-$7.75 on Revenue of $3.4-$4.0 Billion, Vs CIQ Analyst Consensus of $6.75/Share on Revenue of $3.65 Billion。

Lam Research (LRCX) reported fiscal Q1 diluted earnings late Wednesday of $6.66, down from $10.39 a year earlier. Analysts surveyed by Capital IQ expected $5.94. Revenue for the quarter ended Sept. 24 was $3.48 billion, down from $5.07 billion a year earlier. Analysts surveyed by Capital IQ expected $3.42 billion. The company said it expects fiscal Q2 non-GAAP diluted earnings of $7.00, plus or minus $0.75. Analysts surveyed by Capital IQ are expecting $6.75. Revenue for the second fiscal quarter is projected to be $3.7 billion, plus or minus $300 million. Analysts surveyed by Capital IQ are looking for $3.65 billion.