Why Lam Research (LRCX) Stock Is Seeing Blue Skies
Portfolio Pulse from Henry Khederian
Lam Research Corporation (LRCX) shares increased by 4.7% to $993.54, influenced by Micron's positive Q2 financial results and Q3 guidance. Micron reported $5.82 billion in revenue and a profit of 42 cents per share, exceeding expectations. Despite this, analysts have mixed views on LRCX, with an average 12-month price target of $902.58, suggesting potential downside. LRCX has risen 89.29% year-to-date, with a 52-week range between $478.77 and $1,007.39.
March 21, 2024 | 4:55 pm
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NEUTRAL IMPACT
LRCX shares rose 4.7% to $993.54, following Micron's positive earnings. Analysts have mixed views, with an average price target suggesting downside.
LRCX's short-term price movement is influenced by Micron's positive earnings, but analyst skepticism and the average price target below current levels suggest uncertainty in further upside.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Micron's Q2 financial results exceeded expectations with $5.82 billion in revenue and a profit of 42 cents per share, positively impacting related semiconductor stocks like LRCX.
Micron's better-than-expected Q2 results and strong Q3 guidance have a positive ripple effect on semiconductor stocks, including LRCX, indicating a potential short-term positive impact on MU's stock.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 80