Piper Jaffray Maintains Overweight Rating and $46 PT on Lam Research

A report from Piper Jaffray reiterates its Overweight rating and $46 price target on Lam Research LRCX. The report states, “Overall, Sept '11 shipments came in at $580m (-26% q/q) with DRAM shipments continuing to slide to 13% of total shipments as overall memory shipments declined-22% q/q to $336m. Foundry shipments declined -42% q/q as we had highlighted previously given the push out of Global Foundries.” LRCX closed yesterday at $42.63.