Robertson Stephens Lowers Lam Research Rating

Analyst Sue Billat says that she believes Lam is likely to underperform its peers in early part of the next chip upcycle

Robertson Stephens lowered its investment rating on Lam Research LRCX to market perform from buy. Analyst Sue Billat says that she believes Lam is likely to underperform its peers in early part of next upcycle, given its heavy exposure to the metal and polysilicon etch markets, which are not technology-driven. She also cites a combination of excess inventory, weak execution on spares and service business.

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