Semiconductor stocks KLAC and LRCX exceed earnings expectations, have strong buy ratings.

From Nasdaq: 2024-06-17 10:04:13

However, the company surpassed analysts’ expectations by $5.38 million. KLAC’s adjusted EPS for the quarter was $5.84, marking an increase of 0.2% year-over-year, and beating the consensus by $0.07. The company’s operating income came in at $1.13 billion compared to $1.21 billion in the prior-year quarter. Analysts forecast a 12.29% year-over-year growth in KLAC’s earnings to $24.56 per share for fiscal 2024, in addition to an anticipated 22.81% year-over-year growth in revenue to $9.38 billion. KLAC stock currently has a consensus “Strong Buy” rating. Out of the 17 analysts offering recommendations, 14 recommend a “Strong Buy,” while the remaining three give a “Hold” rating. The mean target price for KLAC stock is $831.23, which is 2.3% above Friday’s closing price (www.barchart.com).3. Lam Research CorporationLam Research Corporation (LRCX) holds a market capitalization of $103.7 billion and is headquartered in California. The company provides wafer fabrication equipment and services focusing on semiconductor manufacturing. Lam Research’s products are used in the front end of the semiconductor manufacturing process, enabling advanced technologies, including AI-powered devices.Shares of Lam Research Corporation have risen by 18.2% over the past 52 weeks and have seen a 21.9% increase on a year-to-date basis. www.barchart.com Lam Research is a key player in the semiconductor manufacturing equipment industry, providing solutions that support the development of cutting-edge technologies, including AI and memory devices. The company’s products enable the production of smaller, faster, and more powerful semiconductors that are crucial for AI applications.Lam Research announced its latest quarterly earnings on April 27. The company’s revenue for the fiscal third quarter stood at $4.44 billion, marking an 8.3% year-over-year increase, surpassing analysts’ estimates by $10 million. The adjusted EPS for the quarter was reported at $12.08, representing a 3.3% year-over-year increase and exceeding the consensus by $0.29. The company also provided upbeat guidance for the next quarter, projecting revenues in the range of $4.66 billion to $5.06 billion.Analysts predict Lam Research’s earnings to grow by 16.14% year-over-year to $48.68 per share for fiscal 2024, accompanied by an expected 6.52% year-over-year increase in revenue to $20.85 billion. The stock currently has a consensus “Strong Buy” rating. Out of the 21 analysts covering LRCX stock, 19 recommend a “Strong Buy,” while the remaining two suggest a “Hold” rating. The mean target price for Lam Research Corporation stands at $797.19, reflecting a 6.1% upside from Friday’s closing price.



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