Lam Research Shares Rise

SAN FRANCISCO (AP) — Lam Research Corp. shares rose Monday after a UBS analyst gave the semiconductor equipment maker a short-term "Buy" rating, citing a recent $135 million equipment order from memory chip maker Inotera Memories Inc.

Lam Research shares rose $1.66, or 4.6 percent, to $37.85.

In a client note, UBS analyst Stephen Chin said a review of Lam's transaction records show Inotera placed an order in early October — its first with Lam in more than two years. He expects the order will lead the Fremont, Calif., company to give guidance for December quarter sales in the range of $400 million; analysts polled by Thomson Reuters are looking for sales of $326.3 million.

"We believe the beat and raise is likely a positive catalyst for the stock," he said.

The analyst also raised his price target for the stock to $40 from $36.