Invesco Water Resources ETF T.PHO

$250 price target on Lam shares, up from $195 previously

[mulliganforlife]

Shares of Lam Research Corp. LRCX, +1.37% are up 0.6% in premarket trading Tuesday after Evercore ISI analyst C.J. Muse upgraded the stock to outperform from in-line. "As we look to earnings power of $16.50 into CY20 followed by potential path to $20 in CY21 largely on mix and service growth, we think Lam is ripe to work again," he said in a note to clients. He sees renewed memory spending as "only a matter of 'when,' not 'if.'" Muse set a $250 price target on Lam shares, up from $195 previously. He also turned bullish on KLA Corp.'s stock KLAC, +1.05%, writing that the shares are "difficult to ignore" given his view of "a clear path to $10+ in EPS in CY20" and the company's growing exposure to 5G and automotive trends. KLA shares are up 0.1% in premarket trading, and they've gained 45% over the past three months as Lam's stock has increased 22%. The S&P 500 SPX, +0.06% is up 6.6% in that time, while the PHLX Semiconductor Index SOX, +0.61% is up 16%.