On October 2, Lam Research rose 3.43% in regular trading, trading at $352.0 per share, with turnover of $471 million. The stock continued its upward momentum driven by a combination of an analyst price target upgrade and a broader sector recovery.
On the news front, B. Riley raised its price target on Lam Research from $350 to $390 while maintaining a Buy rating. The FactSet consensus average target stands at approximately $382.58, significantly above the current trading level. The upgrade comes as the semiconductor equipment sector extends its rebound following a sell-off triggered by the Federal Reserve's 25-basis-point rate hike to the 3.75%-4.00% range, which had previously sent 10-year Treasury yields above 5% and pressured Lam Research to a single-day decline of over 3%.
Within the Semiconductor Equipment sector, peers broadly rallied, with Teradyne up 5.15%, KLA Corporation up 3.43%, ASML Holding up 3.2%, Applied Materials up 3.15%, and AXT Inc up 0.57%. On the fundamental side, Lam Research recently announced over $3 billion in global R&D lab expansion to support advanced AI chip development and raised its quarterly dividend to $0.33 per share from $0.26.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)