Lam Research Corp.

Lam Research is a supplier of wafer fabrication equipment and services to the semiconductor industry. The company designs, manufactures, markets, refurbishes, and services semiconductor processing equipment used in the fabrication of integrated circuits. The company's customer base includes semiconductor memory, foundry, and integrated device manufacturers that make products such as non-volatile memory, dynamic random-access memory, and logic devices. The company's services include customer service, spares, upgrades, and refurbishment of its deposition, etch, and clean products. The company sells its products and services primarily to companies in the U.S., China, Europe, Japan, Korea, Southeast Asia, and Taiwan.
  • TickerLRCX
  • ISINUS5128071082
  • ExchangeNASDAQ Stock Market
  • SectorTechnology Hardware & Equipment
  • CountryUnited States

Analysts

Valens Research

LRCX - Embedded Expectations Analysis - 2019 08 21

Lam Research Corporation (LRCX:USA) currently trades well below corporate averages relative to UAFRS-based (Uniform) Earnings, with a 14.2x Uniform P/E. At these levels, the market has bearish expectations for the firm, and although management has concerns about EPS, demand, and market share, potential macro tailwinds and competitive niches in flash storage suggest longer-term upside remains warranted. Specifically, management may lack confidence in the sustainability of recent cash flow generation levels, and they may be concerned about the sustainability of recent demand for 7 and 5 nanomet...

ValuEngine Rating and Forecast Report for LRCX

ValuEngine Rating and Forecast Report for LRCX

Lam Research Corp.: Lam Research’s results show improved cyclical performance

Stronger performance through cycles

Lam Research Corp.: Lam Research’s results show improved cyclical performance

Stronger performance through cycles

Lam Research Corp. - March 2019 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Moody's assigns A3 to Lam Research's proposed sr unsec debt; outlook stable

Rating Action: Moody's assigns A3 to Lam Research's proposed sr unsec debt; outlook stable. Global Credit Research- 25 Feb 2019. New York, February 25, 2019-- Moody's Investors Service, assigned an A3 senior unsecured rating to Lam Research Corp.' s proposed debt offering.

Lam Research Corp. - December 2018 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Lam Research Corp.: Share Buyback Plan Expanded During Weaker Environment

Financial flexibility can accommodate share buyback program

Valens Research

LRCX - Embedded Expectations Analysis - 2019 08 21

Lam Research Corporation (LRCX:USA) currently trades well below corporate averages relative to UAFRS-based (Uniform) Earnings, with a 14.2x Uniform P/E. At these levels, the market has bearish expectations for the firm, and although management has concerns about EPS, demand, and market share, potential macro tailwinds and competitive niches in flash storage suggest longer-term upside remains warranted. Specifically, management may lack confidence in the sustainability of recent cash flow generation levels, and they may be concerned about the sustainability of recent demand for 7 and 5 nanomet...

João Calado

BiG Research Semiconductors Sector

In this report we analyze 6 players: Applied Materials, Lam Research, Micron, Intel, AMDand NVIDIA.

João Calado

BiG Research Flash Note: LAM Research

LAM Research is a supplier of equipment and services to the semiconductor industry,especially to chip manufacturing. 87% of sales are in Asia and are divided betweenmemory, foundry and logic/ICs clients.

Valens Research

Valens Equity Insights and Inflections - 2019 05 15

CVS currently trades near historical averages relative to UAFRS-based (Uniform) Earnings, with a 16.9x Uniform P/E. At these levels, the market is pricing in expectations for Uniform ROA to fade from 19% in 2018 to 14% by 2023, accompanied by 3% Uniform Asset growth going forward. However, analysts have relatively optimistic expectations, projecting Uniform ROA to remain at 19% levels through 2020, accompanied by 13% Uniform Asset growth. Meanwhile, management is confident in their store comp sales growth, generics performance, and the potential of their HealthHUB expansion project. Should CVS...

Valens Research

LRCX - Embedded Expectations Analysis - 2019 05 08

Lam Research Corporation (LRCX:USA) currently trades well below corporate averages relative to UAFRS-based (Uniform) Earnings, with a 12.8x Uniform P/E. At these levels, the market has overly bearish expectations for the firm, and while management has concerns about equipment demand, costs, and productivity, potential macro tailwinds and competitive niches in flash storage suggest longer-term upside remains warranted. Specifically, management may be exaggerating the strength of demand in the Chinese wafer fab equipment market, the longevity of their tools, and the production capabilities of t...

ValuEngine Rating and Forecast Report for LRCX

ValuEngine Rating and Forecast Report for LRCX

ValuEngine Rating and Forecast Report for LRCX

ValuEngine Rating and Forecast Report for LRCX

ValuEngine Rating and Forecast Report for LRCX

ValuEngine Rating and Forecast Report for LRCX

ValuEngine Rating and Forecast Report for LRCX

ValuEngine Rating and Forecast Report for LRCX

ValuEngine Rating and Forecast Report for LRCX

ValuEngine Rating and Forecast Report for LRCX

Dave Nicoski ...
  • Ross LaDuke

Insights: Bullish Stocks

Semiconductors breaking out -- add exposure/overweight Relative strength for the PHLX Semiconductor index began a bottoming process in November of 2018. In mid-December, we pointed out that RS for the index was bottoming and making a bullish inflection, recommending XLNX and INTC. Since then we have expanded our recommendations substantially and upgraded Technology to overweight in late-January. Despite four months of outperformance, we believe the move for semis is just beginning. Below we lay out what we believe is a compelling case to add exposure at current levels. • Tech is our favorite...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Compass: Weekly Equity Strategy

Global growth synchronization, round two? The S&P 500 is working through 2,817 resistance and our technical work continues to support an overall positive outlook. Below we highlight a number of recent developments, including improving markets in Europe which may give rise to a global growth synchronization theme. As markets improve in Europe and in EM countries, U.S. markets in turn should get a tailwind from improved conditions overseas under the idea that a rising tide lifts all boats. • The USD remains below key resistance. We believe the DXY's inability to break above 97.70 should contin...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Compass: Weekly Equity Strategy

The S&P 500 remains just short of formidable resistance at its 200-day MA. Yet, there are signs of continued breadth improvement. Technology in particular continues to top our Sector RSR rankings, fueled by strengthening price and RS action for semiconductors, semi-suppliers, and numerous Software groups. Last week we upgraded our weighting for Technology and its strength continues to broaden out. In this week's report we highlight a number of actionable Technology stocks across our various Groups.

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