Lam Research Corp. (NASDAQ:LRCX) issued an update on its first quarter earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $1.67-1.87 for the period, compared to the Thomson Reuters consensus estimate of $1.74. The company issued revenue guidance of $1.55-1.70 billion, compared to the consensus revenue estimate of $1.59 billion.
Shares of Lam Research Corp. (NASDAQ:LRCX) traded up 0.39% during midday trading on Wednesday, hitting $91.96. The stock had a trading volume of 2,671,119 shares. Lam Research Corp. has a one year low of $61.20 and a one year high of $92.29. The stock has a 50 day moving average of $85.18 and a 200-day moving average of $78.04. The company has a market cap of $14.68 billion and a P/E ratio of 20.46.
Lam Research Corp. (NASDAQ:LRCX) last released its earnings results on Wednesday, July 27th. The company reported $1.80 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.64 by $0.16. The business earned $1.55 billion during the quarter, compared to analyst estimates of $1.53 billion. During the same quarter in the previous year, the company posted $1.50 earnings per share. The business’s revenue for the quarter was up 4.4% compared to the same quarter last year. Analysts forecast that Lam Research Corp. will post $6.16 EPS for the current fiscal year.
Several brokerages have commented on LRCX. B. Riley restated a buy rating and set a $96.00 price target on shares of Lam Research Corp. in a research note on Monday, May 23rd. Cowen and Company increased their target price on Lam Research Corp. from $85.00 to $95.00 and gave the company an outperform rating in a research note on Tuesday. Zacks Investment Research upgraded Lam Research Corp. from a hold rating to a buy rating and set a $84.00 target price for the company in a research note on Friday, May 6th. Finally, Nomura increased their target price on Lam Research Corp. from $85.00 to $95.00 and gave the company a buy rating in a research note on Thursday, June 23rd. Two research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. The company has an average rating of Buy and an average price target of $92.73.
Lam Research Corporation is a supplier of wafer fabrication equipment and services to the semiconductor industry. The Company designs, manufactures, markets, refurbishes and services semiconductor processing systems that are used in the fabrication of integrated circuits (ICs). It operates through manufacturing and servicing of wafer processing semiconductor manufacturing equipment segment.
