TD Cowen Raises Lam Research Price Target to $340

TD Cowen analyst Krish Sankar raised the price target on Lam Research (NASDAQ: LRCX) to $340.00 (from $290.00) while maintaining a Buy rating.

“Share Gains + NAND Upside Keep the Growth Story Intact; The bears will argue that there isn’t much upside to numbers after the strong Jun Q guide (10% beat on revs) and multiples are high.

We argue, customer demand & profitability remains supportive of continued increase in estimates, and can sustain the multiples for LRCX.

Share gains in Foundry, DRAM & upside to NAND WFE (not even half way through $40B upgrade TAM) keeps us bullish. PT to $340.”

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