Home Credit Ratings and Research S&P Global Ratings’ Credit Research Lam Research Corp.

Summary: Lam Research Corp.

Published Apr 29, 2013

1763 words — Published Apr 29, 2013

Price US$ 225.00 | Buy this Report Now

About This Report

Abstract:

Significant industry cyclicality and frequent technology changes Expanded position in semiconductor wafer fabrication equipment industry High customer concentration risk Strong liquidity with about $2.5 billion of cash as of March 31, 2013 Good free operating cash flow generation through industry cycle The outlook is positive, reflecting the company's expanded leadership positions beyond its previously narrow business focus to include adjacent markets within the wafer fabrication equipment industry and a continued moderate financial policy. We could revise the outlook to stable if the company experiences difficulty with the integration of Novellus, leading to sustained leverage in excess of 2.5x through an industry cycle. We could upgrade the company to 'BBB' if it successfully integrates the merger with Novellus and achieves the

Brief Excerpt:

RESEARCH Summary: Lam Research Corp. Publication date: 29-Apr-2013 Primary Credit Analyst: David T Tsui, CFA, CPA, New York (1) 212-438-2138; david_tsui@standardandpoors.com Secondary Contact: Andrew Chang, San Francisco (1) 415-371-5043;...

Report Type:

Summary

Ticker

LRCX

Issuer

Lam Research Corp.

GICS

Semiconductor Equipment (45301010)

Sector

Global Issuers

Country

United States

Region

United States

Format:

HTML

Lam Research Corp. Ratings Raised To 'BBB' Following Successful Integration Of Novellus; Outlook Stable – 2013/10/24 – US$ 150.00

Research Update: Lam Research Corp. Ratings Raised To 'BBB' Following Successful Integration Of Novellus; Outlook Stable – 2013/10/24 – US$ 225.00

Summary: Lam Research Corp. – 2014/02/19 – US$ 225.00

Bulletin: Lam Research Corp. Ratings And Outlook Remain Unchanged Following Announcement Of Its $1 Billion Capital Return Program – 2014/04/30 – Free

Summary: Lam Research Corp. – 2014/08/01 – US$ 225.00

Summary: Lam Research Corp. – 2012/10/25 – US$ 225.00

S&PCORRECT: Lam Research Corp. Senior Unsecured Convertible Notes '3' Recovery Rating Withdrawn – 2012/08/13 – US$ 150.00

Lam Research Corp. – 2012/04/30 – US$ 500.00

Summary: Lam Research Corp. – 2012/04/30 – US$ 225.00

Lam Research Corp. Ratings Raised And Removed From CreditWatch Due To Pending Novellus Acquisition For Stock – 2012/04/25 – US$ 150.00

More from S&P Global Ratings’ Credit Research

S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

About the Author

Cite this Report


MLA:	S&P Global Ratings’ Credit Research. "Summary: Lam Research Corp." Apr 29, 2013. Alacra Store. May 10, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Summary-Lam-Research-Corp-1123446>

APA:	S&P Global Ratings’ Credit Research. (). Summary: Lam Research Corp. Apr 29, 2013. New York, NY: Alacra Store. Retrieved May 10, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Summary-Lam-Research-Corp-1123446>

US$ 225.00

$ £ €

Have a Question?

Any questions about the report you're considering? Our Customer Service Team can help! Or visit our FAQs.

Example Report

Click to View Sample Report

More Research

Search all our Credit Research from one place.