Analyst Toshiya Hari raises Lam Research (NASDAQ:LRCX) to Conviction Buy with a $125 target (current price $104.45) on continuing 3D NAND strength and indication share gains in logic, potentially at Intel, are growing. Considers downside volatility a lessened risk over the upcoming 2-3 years due to a diversified end-demand landscape and prospects for China. Further notes Lam Research's positioning, upside potential and improvements which may lead to overall investor rerating.
Starts Buy coverage on KLA-Tencor (NASDAQ:KLAC) with a $90 target, citing the company's underperformance in recent years relative to peers and outperformance he expects in those to come on product cycle, 7nm foundry ramp and China tailwinds.
Pre-market: Lam Research +1.41%, Applied Materials -0.49%, KLA-Tencor +1.36%
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