12:35 AM EDT, 04/25/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We lower our target price by $29 to $878, 24.5x our FY 25 (Jun.) EPS view, near peers but above LRCX's 3-year average (~17x) on AI momentum and further signs that the semi industry is approaching an upcycle. We raise our FY 24 EPS view by $0.40 to $29.76, FY 25's by $0.25 to $35.82, and FY 26's by $0.25 to $45.74. LRCX posts Mar-Q sales of $3.79B (-2% Y/Y) and EPS of $7.79 (+11%), both above consensus, while guiding near consensus for the Jun-Q. DRAM sales fell by 23% Q/Q, with the company shifting some focus to projected Foundry strength (44% of Mar-Q system sales vs. 38% in Dec-Q) and early signs of a NAND market recovery. That said, we expect a return to growth throughout the year on sustained HBM/AI-related growth trends, and see the pullback being driven by soft mature node demand (as is happening in Logic), which should be more than offset by advanced equipment sales. China rose to 42% of Mar-Q sales (vs. 40% in the Dec-Q), increasing the risk posed by potential export control changes, in our view.