Stifel Nicolaus Maintains Buy on Lam Research

Stifel Nicolaus is out with its report today on Lam Research LRCX, maintaining Buy. In a note to clients, Stifel Nicolaus writes, "We remain positively biased on the company's business model, and although the company expanded the range for specific revenue levels, we believe these targets remain very realistic. We also remain confident on the company's capital allocation strategy. We maintain our Buy rating and our $64 target price, based on 10x our FY12 (June) EPS estimate of $6.25, excluding options." At the time of posting, shares of LRCX were trading pre-market at $42.50, down 0.26% from Tuesday's close.