Lam Research Corp.

Lam Research is a supplier of wafer fabrication equipment and services to the semiconductor industry. The company designs, manufactures, markets, refurbishes, and services semiconductor processing equipment used in the fabrication of integrated circuits. The company's customer base includes semiconductor memory, foundry, and integrated device manufacturers that make products such as non-volatile memory, dynamic random-access memory, and logic devices. The company's services include customer service, spares, improvement, and refurbishment of its deposition, etch, and clean products. The company sells its products and services to companies in the United States, China, Europe, Japan, Korea, Southeast Asia, and Taiwan.
  • TickerLRCX
  • ISINUS5128071082
  • ExchangeNASDAQ Stock Market
  • SectorTechnology Hardware & Equipment
  • CountryUnited States
Dave Nicoski ...
  • Ross LaDuke

Vermilion Compass: Weekly Equity Strategy

S&P 500 Coiled Spring Our view remains bullish as long as the S&P 500 is above the 2940-2980 support zone and we suggest buying any dips. Additionally, 3076 is a short-term support level to watch on the S&P 500; if 3076 holds it would be further confirmation that the bulls are still in charge. · What Would Alter Our Bullish Outlook? Key support levels we are watching include the 2940-2980 zone on the S&P 500, 9500 on the Nasdaq 100 (or $231.50 on the QQQ), and $133 on the Russell 2000 (IWM). A break below these support levels would be a bearish trend change, which would signal additi...

Lam Research Corp. - March 2020 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Valens Research

Valens Equity Insights and Inflections - 2020 05 19

LVS currently trades above corporate averages relative to Uniform earnings, with a 47.4x Uniform P/E (Fwd V/E'). Even at these levels, the market is pricing in expectations for Uniform ROA to decline from 16% in 2019 to 12% in 2024, accompanied by 1% Uniform asset growth going forward. Meanwhile, analysts have similar expectations, projecting Uniform ROA to only rebound to 13% in 2021 after a poor 2020, accompanied by 2% Uniform asset shrinkage. That said, management is confident about Macao revenue growth, their Singapore investments, and cost controls. Current valuations appear to be pricing...

Dave Nicoski ...
  • Ross LaDuke

Vital Signs: Actionable charts

Key Points: • A number of significant Communications names are developing bullishly. (ex. GOOG, FB, and NWS) • Consumer Discretionary names continue to develop positively. (ex. THRM, LEA, WYNN, PENN, CMG, KMX, and AMZN) • Energy Sector names continue to attempt to carve out bottoms. (ex. OXY, VAL) • Financial Sector names continue to develop bullishly (ex. C, UMPQ, EWBC, TROW, MSCI, SPGI, GS, and MS)

Dave Nicoski ...
  • Ross LaDuke

Vital Signs: Actionable charts

In this product we rank the most positive and negative domestic stocks, filter the symbols by market-cap and trading volume, and then divide the companies into sectors and groups. We then manually look through charts leadership/changes, bottoms-up/top-down ideas, short-term patterns that may have long-term significance, etc. We believe you will find this product valuable as significant price and relative moves begin in the daily charts.

Dave Nicoski ...
  • Ross LaDuke

Vermilion Compass: Weekly Equity Strategy

Market remains in purgatory Purgatory is a reference we have used to describe the state of the market numerous times throughout 2019, and we believe this remains the case. Technical signals continue to suggest that while there are little-to-no signs for us to expect impending doom (economic data notwithstanding), there is also little to suggest an imminent broad market rally. Until these signals begin leading us one way or the other, our neutral outlook remains appropriate. • Small-caps, Transports, Banks. Small-caps underperforming large-caps remains on our list of concerns as it has for mo...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Compass: Weekly Equity Strategy

Treasury yields tell the tale As Treasury yields began moving off the lows on 9/5/19 due to a variety of factors, investors took profits from large-caps, growth, and defensives and migrated to small-caps, value, and cyclicals. This was a shift from areas of obvious leadership to areas that had been left for dead, something that, if it can continue, would greatly improve the prospects of a broad-based move higher. However, a primary concern of ours is whether this shift has staying power. As we highlight below, we believe the jury is still out, leaving our overall neutral outlook intact. • Tr...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Macro Vision: U.S. Equity Strategy

STRATEGY: Rotations in Progress As we write this, fears of a reprisal attack by Saudi Arabia are being priced into the markets. Oil is surging on the back of the largest ever supply disruption in history. Investment managers are likely caught on the wrong side of the Energy Sector move and were very underweight as the Sector's performance has, year-to-date, been nothing but an anchor on performance. The age old adage of “parabolic moves often don't end well” can be applied to those areas going in either direction, up or down. These events as we have seen throughout history often mark a top...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Compass: Weekly Equity Strategy

S&P 500 Coiled Spring Our view remains bullish as long as the S&P 500 is above the 2940-2980 support zone and we suggest buying any dips. Additionally, 3076 is a short-term support level to watch on the S&P 500; if 3076 holds it would be further confirmation that the bulls are still in charge. · What Would Alter Our Bullish Outlook? Key support levels we are watching include the 2940-2980 zone on the S&P 500, 9500 on the Nasdaq 100 (or $231.50 on the QQQ), and $133 on the Russell 2000 (IWM). A break below these support levels would be a bearish trend change, which would signal additi...

Valens Research

Valens Equity Insights and Inflections - 2020 05 19

LVS currently trades above corporate averages relative to Uniform earnings, with a 47.4x Uniform P/E (Fwd V/E'). Even at these levels, the market is pricing in expectations for Uniform ROA to decline from 16% in 2019 to 12% in 2024, accompanied by 1% Uniform asset growth going forward. Meanwhile, analysts have similar expectations, projecting Uniform ROA to only rebound to 13% in 2021 after a poor 2020, accompanied by 2% Uniform asset shrinkage. That said, management is confident about Macao revenue growth, their Singapore investments, and cost controls. Current valuations appear to be pricing...

Dave Nicoski ...
  • Ross LaDuke

Vital Signs: Actionable charts

In this product we rank the most positive and negative domestic stocks, filter the symbols by market-cap and trading volume, and then divide the companies into sectors and groups. We then manually look through charts leadership/changes, bottoms-up/top-down ideas, short-term patterns that may have long-term significance, etc. We believe you will find this product valuable as significant price and relative moves begin in the daily charts.

Valens Research

LRCX - Embedded Expectations Analysis - 2020 05 15

Lam Research Corporation (LRCX:USA) currently trades below corporate averages relative to UAFRS-based (Uniform) earnings, with a 14.2x Uniform P/E. At these levels, the market has bearish expectations for the firm, and although management appears concerned about coronavirus, memory products demand, and their capital allocation, potential macro tailwinds and competitive niches in flash storage suggest longer-term upside remains warranted Specifically, management may have concerns about the impact of the coronavirus pandemic, the stability of their supply chains, and the sustainability of mem...

Dave Nicoski ...
  • Ross LaDuke

Vital Signs: Actionable charts

Key Points: Yesterday's rally was quite impressive, however we need to continue to have high yield spreads come down. An expectation of a stimulus bill is in the works and yesterday's action certainly established a primary low. We continue to believe absent a front line therapy and a continuation of a countrywide shutdown. Gold is staging a RS reversal vs the S&P 500.

Lam Research Corp. - March 2020 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Moody's assigns A3 to Lam Research's proposed sr unsec debt; outlook stable

Rating Action: Moody's assigns A3 to Lam Research's proposed sr unsec debt; outlook stable. Global Credit Research- 30 Apr 2020. New York, April 30, 2020-- Moody's Investors Service, assigned an A3 senior unsecured rating to Lam Research Corp.' s proposed debt offering.

Lam Research Corp.: Solid results in supply constrained environment as demand remains robust

Results steady in challenging macro as demand remains robust

Lam Research Corp.: Lam Research Corporation updated guidance is credit negative but liquidity remains very strong

March quarter revision due to coronavirus supply chain impact credit negative while drawing on credit facility prudent

Lam Research Corp. - December 2019 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Thanks to a better fundamental star rating, LAM RESEARCH CORP. sees an upgrade to Neutral

The independent financial analyst theScreener just awarded an improved star rating to LAM RESEARCH CORP. (US), active in the Semiconductors industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 3 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date April 17, 2020, the closing price was USD 279.02 and its expected value was estimated at USD 260.25.

Model Portfolio Update: Lam Research Provides Intriguing Long-term Guidance

This is an update to our model portfolio report, 37 Stocks for March 2018.

37 Stocks for March 2018 (Full Report)

We highlight stocks that demonstrate solid growth at a reasonable price (GARP). Stocks selected for our model portfolio strategies all rank highly for the following metrics, with an emphasis on proxies for cash flow growth and ROIC:  Relative Value Operating Momentum Analyst Revision Momentum Fundamental Quality Pages 7-3 contain brief commentary and highlights of a few stocks that seem particularly attractive.     Page 14 contains rebalancing actions for our long-only model portfolio. Page 16 contains rebalancing actions for our short-only model portfolio. Target and stop prices, ...

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