Ram Research
Ram Research
LRCX
$14.07
2.32%
14%
IBD Stock Analysis
- LRCX shares rose above the recent pullback, offering buy points at 615.80.
- The stock is also in a tense three-week pattern, with early entries at 630.72.
- LRCX shares have bounced off the 21-day exponential moving average.
Industry group ranking
new pattern
pull back
*This is not real-time data. All data shown was captured on June 22, 2023 at 12:22 PM EDT.
Ram Research (LRCX) is IBD’s ‘stock of the day’ as investments in artificial intelligence are expected to boost sales of semiconductor equipment such as Lam. LRCX shares are in a tight bullish pattern for three weeks.
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Lam Research and its peers in the chipgear industry Applied Materials (AMAT), ASML (ASML) and KLA (KLAC) is rebounding from the 21-day exponential moving average.
On Thursday, LRCX stock rose above its recent decline, offering a buy point at 615.80. Also, based on IBD analysis, a move above the June 14 high of 630.72 would provide an early entry within a tight three-week chart pattern.
On the stock market today, LRCX shares rose 2.3% to close at 619.87.
Lam Research Riding the ‘AI Wave’
Barclays analyst Blaine Curtis raised his price target on LRCX shares to 575 from 475 on Tuesday, but maintained a par or neutral rating.
Curtis said the “AI wave” will increase spending on cutting-edge semiconductor capital equipment, boosting sales not only for Lam, but also for Applied Materials and KLA.
“While we still believe the half-cap adjustment is not over yet, $150 billion does not often fit this model,” he said in a note to clients. “We are currently modeling double-digit growth by the end of the 2020s, when the AI market will reach $100 billion in 2027, but we are still short of AMD’s recent forecast of $150 billion. yeah.”
On April 19, Lam Research beat Wall Street targets for the third quarter of the fiscal year, but was disappointed with its outlook for the quarter.
LRCX Strain Listed on Two IBD Lists
According to IBD Stock Checkup, Lam Research ranks 7th out of 29 stocks in IBD’s semiconductor equipment industry group. His overall IBD rating for the LRCX strain is 95 out of 99.
The IBD Overall Rating combines key fundamental and technical indicators to help investors assess a stock’s strength. The best growth stocks have an overall rating of 90 or higher.
IBD’s semiconductor equipment group ranks 18th out of 197 industry groups. Growth investors should focus on key stocks in the top 40 industry groups based on IBD guidelines.
LRCX stock is on the IBD Tech Leaders list. Moreover, on Thursday IBD added it to SwingTrader.
Follow Patrick Seitz on Twitter. @IBD_PSeitz For more articles on consumer technology, software and semiconductor stocks, please visit here.
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