Morgan Stanley analyst Joseph Moore raised the firm’s price target on Lam Research to $550 from $404 and keeps an Overweight rating on the shares. Lam guided "well below the Street," as previewed, and it is "not going to get easier any time soon," said the firm. However, Morgan Stanley expects that memory shipments will be at trough levels by June and stills see Lam with $20-plus in earnings power and free cash flow this year.
Published first on TheFly
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Read More on LRCX:
- Lam Research price target raised to $525 from $500 at Mizuho
- Lam Research announces restructuring, 7% workforce reduction
- Lam Research Corporation Reports Financial Results for the Quarter Ended December 25, 2022
- Lam Research sees March quarter adjusted EPS $6.50 +/- 75c, consensus $7.88
- Lam Research reports December quarter EPS $10.71, consensus $9.96
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