Lam Research makes the machines that make semiconductors. Lam plays an essential role in the microchip manufacturing supply chain, providing the fabrication equipment the big names you’re familiar with—like Intel (INTC)—use to make their products.
LRCX has underperformed the S&P 500 so far in 2022 as it navigates supply challenges that have negatively impacted the global semiconductor industry.
Despite the near-term supply difficulties, Bank of America analyst Vivek Arya says Lam is experiencing “unprecedented demand” and is well-positioned to generate at least 20% annual revenue growth in 2023 and beyond once supply constraints ease.
In the meantime, Arya says Lam’s stock is trading at a significant valuation discount to its historical levels, providing a buying opportunity for value investors.
Bank of America has a “buy” rating and $650 price target for LRCX.
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