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LRCX - Lam Research News Story

$596.7 -25.1  -4.0%

Last Trade - 7:15pm

Large Cap
Market Cap £64.93bn
Enterprise Value £65.21bn
Revenue £11.68bn
Position in Universe 149th / 7414

BUZZ-Micron shares touch highest level since June

Fri 19th November, 2021 7:25pm
** Shares in Micron Technology  MU.O  up 8.4% at $83.48, earlier
hitting $83.79 its highest level since late June and on track
for its biggest one-day pct gain since late April
    ** Evercore ISI analyst C.J. Muse includes MU along with Lam
Research  LRCX.O  to top picks list saying memory price decline
expectations into first half 2022 becoming “less bad”, estimates
likely bottoming in 1H22, with green shoots from PC constraints
easing and capex spend likely improving before year end 
    ** "Thus, we think it is game on for memory," writes Muse. 
    ** Median Wall Street price target for the stock is $95 with
8 analysts rating it 'strong buy,' 22 rating it 'buy', 9 rating
it hold, 1 rating it 'sell' and 1 rating it 'strong sell'
    ** Micron was outperforming broader markets on Friday
including the Philadelphia Semiconductor Index  .SOX , which was
up 0.4%. MU trading volume last at 2.2 times 10-DMA
    ** Micron last up ~10.7% YTD vs ~40% for the chip index
    ** Micron hit its 2021 low of $65.67 on Oct 12 but since
then has risen ~25% while the .SOX has gained ~23% in the same
    ** Roughly $1.6 billion worth of MU shares shorted equating
to 1.88% of its float, according to Ihor Dusaniwsky, S3 Partners
managing director for predictive analysis 
    ** The number of shares shorted fell from 24.8 mln in the
last 30 days to 20.9 mln but stock gains were likely primarily
driven by long-investors rather than short covering as 25-day
moving average for trading volume is 15 mln, Dusaniwsky said.

 (Reporting By Sinéad Carew and Noel Randewich)
 ((; +1 (646) 223 6186; Reuters
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