Bernstein raised the firm’s price target on Lam Research (LRCX) to $105 from $95 and keeps an Outperform rating on the shares. The firm notes the company’s Q4 results were good on China systems strength. Foundry sales were strong, growing about 23% sequentially to $1.8B; NAND spending was also robust, up 53% quarter-over-quarter driven by upgrade spending; both DRAM and Logic revenues were down quarter-over-quarter.
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