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Needham upgrades AMAT, LRCX to Buy as it expects semiconductor sale volume to rebound in FY24
Summary
Broker Needham recently raised its ratings on semiconductor manufacturers Applied Materials (NASDAQ: AMAT) and Lam Research Corp. (NASDAQ: LRCX). Needham upgraded both stocks to ‘buy’ from ‘hold’.
Commenting on the rating upgrade, Needham stated that it expects Lam Research to be an outperformer in 2024, while it predicts strength from Applied Materials. Needham also stated that semiconductor sales and unit volume could potentially rebound in 2024.
Needham predicts that there will be a change in the types of Wafer Fabrication Equipment (WFE) used in chip manufacturing. This shift is likely to benefit LRCX and have a smaller impact on AMAT compared to companies like ASML Holding NV and KLA Corp. Needham also anticipates that the memory WFE will return to about 40% of the total WFE by 2025.
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