Lam Research Well-Positioned to Thwart Near-Term Headwinds; Shares Undervalued Relative to $185 FVE
Lam Research reported fiscal first-quarter results consistent with our expectations, while providing forward guidance that thwarted recent negative sentiment that has plagued the semiconductor space. CEO Martin Anstice reiterated that the September quarter will be the trough of calendar 2018, while adding revenue during the first half of calendar 2019 will be incrementally higher than the second half of calendar 2018 for Lam. We continue to expect modestly lower wafer fab equipment spending in 2...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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