Lam Research gains on strong Q2 rev forecast
** Shares of chip-making equipment firm Lam Research LRCX.O up 4.8% at $76.39 premarket
** Sees Q2 rev of $4.30 bln, +/- $300 mln, vs estimates from data compiled by LSEG of $4.24 bln
** Strong Q2 rev forecast driven by AI chip demand as chipmakers ordered more of its equipment used to manufacture semiconductors for AI applications
** Q1 rev of $4.17 bln beats estimates of $4.05 bln, per LSEG data
** However, at least four brokerages cut target price on stock
** Wells Fargo cuts PT to $85 from $88; expects investor focus on understanding dynamics between slowing China demand and impact of forthcoming/ well expected new U.S. export restrictions
** Analysts avg rating on the stock is "buy"; PT median is $95 -LSEG data
** As of last close, stock had fallen about 7% YTD
Reporting by Sukriti Gupta in Bengaluru
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