Lam Research price target raised to $160 from $150 at Needham

Needham raised the firm’s price target on Lam Research (LRCX) to $160 from $150 and keeps a Buy rating on the shares. The firm is positive on the company’s “slight” Q3 top-line beat and above-consensus Q4 guide while noting that its China revenue growth was also a key driver of foundry/logic revenue and gross margin strength in the quarter, the analyst tells investors in a research note.