Lam Research  (LRCX) - Get Report on Friday won another vote of confidence from a top industry analyst as UBS double-upgraded the semiconductor industry stalwart.

UBS analyst Timothy Arcuri lifted his rating on the Fremont, Calif., manufacturer of chip-making equipment two notches to buy from sell. Arcuri also raised his price target on Lam to $290 a share. 

During a rocky day for the broad market, Lam shares at last check slid 1.5% to $256.42. Lam's stock on Thursday shot up more than 11% to $260.34. 

The new UBS price target envisions roughly 11% upside from the company's closing price on Thursday.

At a price-to-earnings multiple of 10, Lam's shares are trading at a discount to the S&P 500's multiple of 12, according to UBS.

"Specific to LRCX, as we start to look into 2021, the outlook for memory is bright," the UBS analyst noted.

Optimism about Lam's prospects amid the global coronavirus-driven economic crisis has been on the rise in recent days, with chip manufacturing rebounding in China as infections from the virus recede there.

Mizuho Securities last week boosted its rating on Lam's shares to buy from neutral. 

Lam, the top supplier of semiconductor circuit etch equipment, is strongly positioned to ride a projected jump in capital-equipment spending by chipmakers in the second half of 2020 and on into 2021, Mizuho analyst Vijay Rakesh wrote.

Still, Lam has taken a hit to its U.S. operations amid the coronavirus emergency. Shelter-in-place orders issued by several counties in the Bay Area forced the company to temporarily stop on-site work at its Fremont and Livermore locations.

The orders, which went into force on March 17, are expected to last until at least April 7.