Citi, previewing FQ3:11 earnings for Lam Research Corp. LRCX, is maintaining its Sell rating and price target of $43 on the stock.
Says Citi, in the report, “Stock has come down 10% since we reported Samsung pushout two weeks ago. Given increasing uncertainty in end-market demand that could cause chain-reaction in foundry spending, we see more downside risks in the near term. Given an upcoming order/shipment correction all but certain, we maintain our Sell rating and $43 target on 12x normalized EPS of $3.60.”
LRCX closed at $50.99 yesterday.
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Posted In: Analyst ColorAnalyst RatingsCitiInformation TechnologyLam Research Corp.Semiconductor Equipment
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