Lam Research Corp

LRCX: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Lam Earnings: Demand Looks Solid After a Strong Quarter, and We Maintain Our $83 Valuation

William Kerwin

Oct 24, 2024

We maintain our $83 fair value estimate for shares of wide-moat Lam Research after the firm reported positive September quarter results that fit our expectations. Lam is benefiting from semiconductor capacity expansions at customers, particularly for cutting-edge chips serving artificial intelligence. We believe it is well-positioned to capture more of this demand with a strong portfolio diversified between memory and logic chips.

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Lam Research Corp

Lam Earnings: Demand Looks Solid After a Strong Quarter, and We Maintain Our $83 Valuation

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