Analyst Report: Lam Research Corp

Summary

Lam Research Corp. supplies WFE and services that are vital to the production of semiconductors. It offers a range of products used in thin film deposition, plasma etch, photoresist strip, and wafer cleaning processes. Lam has grown its SAM to about 34% of total industry spending

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James Kelleher, CFA

Director of Research & Senior Analyst Technology

Jim has worked in the financial services industry for over 25 years and joined Argus in 1993. He is director of research at Argus and a member of the Investment Policy Committee. Jim has been instrumental in building Argus' proprietary valuation models, which are a key part of the proprietary Argus Six-Point Rating System. He also oversees Argus' technical analysis products; writes the Portfolio Selector report and other publications; and manages several Argus model portfolios. As a Senior Analyst, Jim covers Communications Equipment, Semiconductors, Information Processing and Electronic Manufacturing Services companies. he is a CFA charter-holder, and is a three-time winner in The Wall Street Journal's "Best on the Street" All-Star Analyst Survey. In July 2010, McGraw-Hill Professional published Jim's book, "Equity Valuation for Analysts & Investors." The book, a single-volume treatment of financial modeling and valuation process, introduces the Argus proprietary valuation methodology known as Peer Derived Value.