UPDATE: Credit Suisse Lowering Price Target on Lam Research

Credit Suisse is out with a research report on Lam Research Corp. LRCX and is lowering its price target to $50 from $54, but is keeping its Outperform rating. In a note to clients, Credit Suisse writes, "In line with our industry note, we are reducing CY12 Rev/ EPS from $2.91bb/$3.57 to $2.53bb/$3.00. We are reducing our price target for LRCX, to $50 (from $54), representing ~15x CY12 EPS, adding back net cash; maintain Outperform." Shares of LRCX closed at $39.75 on Friday.