Lam Research Moves Higher Following Goldman Sachs Upgrade

Shares of Lam Research  (LRCX) - Get Reportare up close to 3% Monday after Goldman Sachs upgraded the semiconductor equipment manufacturer to a conviction buy, increasing its price target from $116 to $125. Goldman believes the stock is cheap and Lam's 3D NAND, a type of  flash memory for electronics, is gaining strength and market share. "Lam has historically traded at a discount to peers given its out sized exposure to memory. However, we believe improvements in its logic business will persuade investors to apply a higher multiple to the business," Goldman Sachs' Toshiya Hari wrote in a note.