Why Lam Research Stock Crumbled by 3% Today
Some recent research on semiconductor manufacturing company Lam Research's (NASDAQ: LRCX) stock was discouraging for the market on Tuesday. The holiday-shortened week began with a 3% decline in the company's share price that session, a notably more pronounced slide than the S&P 500 index's 0.7% dip.
On Labor Day, analyst Shane Brett of white-shoe investment bank Morgan Stanley (NYSE: MS) downgraded his recommendation on Lam Research's shares. In his opinion, the chip stock now rates only an underweight (sell, in other words), down from the former equalweight (hold). With that change, Brett cut his price target slightly to $92 per share from the preceding $94.
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Source Fool.com
