J.P. Morgan Initiates Coverage on Lam Research with an Overweight Rating

According to J.P. Morgan, Lam Research LRCX coverage is initiated with an Overweight rating. J.P. Morgan said that LRCX and other SemiCap stocks are trading near the low end of their historical valuation ranges and generally washed out. “Initiating with Overweight rating and December 2012 price target of $56. Our price target reflects a forward-looking, cross-cycle P/S average of 3.0x for LRCX.” Lam Research closed yesterday at $39.09.