Despite Near-Term Headwinds, Shares of Lam Research Look Appealing Versus $185 Fair Value Estimate
We are adding Lam Research to the Best Ideas list, as we remain positive on the wafer fabrication equipment, or WFE, market heading into 2019. Lam has benefited greatly from the sharp rise in spending by memory customers, though recent customer commentary suggests a near-term pullback in spending for the end-market (especially in 3D NAND). Although total WFE spending will likely be modestly lower in 2019, with softer memory investments mostly offset by strength in logic and foundry, we foresee f...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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