The Semiconductor sector is on fire. Following positive comments about chip demand later in the year from top chipmaker Broadcom (AVGO - Get Report) , as well as a price target hike from Citi, Lam Research (LRCX - Get Report) was rising more than 5% on Friday 

Broadcom's stock was up almost 11% on Friday on their earnings results, pulling other semi stocks up along with it. In addition to Lam, Applied Materials (AMAT - Get Report) was up 4.4%, MKS (MKSI - Get Report) was up 7.5% and ASML (ASML - Get Report) was rising 4.9% and AMD (AMD - Get Report) was up 3.1%. The Philadelphia Semiconductor Index was up 3.3% on Friday.

In the ActionAlertsPLUS exclusive Members Only call last month Senior Portfolio Analyst Jeff Marks broke down why the AAP team likes Lam Research. "They're basically, going to act as the building block to the data economy, right? Everything that needs D-RAM, NAND, memories, semiconductors; that's gonna be Lam who's going to be the supplier of the equipment who makes that."

Citi raised its price target on Lam to $215 following channel checks it conducted that indicated NAND memory equipment orders had picked up for the company. Citi analyst Atif Malik wrote that he believes the improvement reflects higher equipment spending by top-tier NAND makers such as Samsung (SSNLF) and Toshiba. Malik also said he believes fundamentals for NAND have "hit a trough."

Lam shares are up 37% so far this year.

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