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Lam Research Rises on Broadcom Remarks, Price Target Boost

Nelson Wang

After the close on Thursday, Broadcom beat earnings expectations for its first fiscal quarter and reiterated its guidance for fiscal 2019. Perhaps more importantly, CEO Hock Tan said on the earnings call that he expected its semiconductor business would bottom in its second fiscal quarter due almost entirely to the seasonal drop in wireless sales. "But looking to the second half, we are confident that semiconductor business will resume very meaningful growth," Tan said.