Lam Research price target lowered to $76 from $77 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Lam Research (LRCX) to $76 from $77 and keeps an Equal Weight rating on the shares. Near-term results were “largely as expected,” with China declines offset by strength elsewhere, but that “doesn’t resolve the bigger longer term questions,” the analyst tells investors. The firm sees Lam outperforming the wafer fab equipment group’s growth next year, but remains “somewhat cautious on the market overall,” the analyst added.