UPDATE: Stifel Reiterates On Lam Research Ahead Of Analyst Day

In a report published Monday, Stifel analyst Patrick Ho reiterated a Buy rating on Lam Research (NASDAQ: LRCX), and raised the price target from $69.00 to $81.00.

In the report, Stifel noted, “[On] Tuesday, Lam Research is scheduled to host an Analyst Day during the Semicon West event in San Francisco (for additional details on the event, see our accompanying note, Semi Cap Update: Semicon West Preview: Riding the Wave of Rising Capital Intensity, June 29).

"Ahead of the Analyst Day, we are raising our target price to $81 (from $69), which reflects the same 12x multiple we have used but off our new CY15 estimates plus the net cash. We believe the company is well positioned to benefit from increasing capital intensity trends in its key markets and deliver or even exceed its current long-term business model targets.”

Lam Research closed on Friday at $66.95.