On August 12, Lam Research rose 3.27% in pre-market trading, trading at $321.76/share, with turnover of $4.12 million.
On the news front, Bernstein raised its price target on Lam Research from $360 to $385, maintaining an Outperform rating. According to FactSet, the average analyst price target stands at $381.93, implying further upside from current levels. The upgrade extends the post-earnings rebound momentum after the company reported record quarterly results — adjusted EPS of $1.82 beat consensus by 8.33%, revenue of $6.72 billion hit an all-time high, gross margin expanded to 51.7%, and Q1 guidance of $7.70-$8.50 billion in revenue far exceeded the $7.11 billion estimate, driven by surging AI chip manufacturing demand.
The broader semiconductor equipment sector rallied in tandem, with Applied Materials up 3.12%, Teradyne up 2.92%, KLA Corporation up 2.91%, ASML up 1.64%, and AXT Inc up 8.27%, reinforcing sector-wide bullish sentiment.
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