UPDATE: J.P. Morgan Downgrades Lam Research to Neutral

According to J.P. Morgan, Lam Research LRCX is downgraded to Neutral. J.P. Morgan said that it is downgrading LRCX from Overweight to Neutral and lowering its Dec-12 price target as it believes order/revenue upside driven by Foundry/Logic customers is fully reflected in the stock. “At this time, we cannot identify additional catalysts to drive LRCX higher in the near-term. Semi device unit growth rates look to be anemic this year and semi util rates are at risk to remain low with significant capacity coming online in the near term.” Lam Research closed on Friday at $11.49.