Leadership positions across etch, deposition, and single-wafer clean in wafer fabrication equipment industry; High industry volatility and technology risks; Competition against larger players that have significant financial resources; Long-term customer relationships; and Significant customer concentration risk. Strong liquidity, which $4.1 billion in cash and short-term investments as of June 30, 2015, supports; and Good free operating cash flow (FOCF) generation of at least $900 million expected in fiscal year 2016. The stable outlook on Fremont, Calif.-based semiconductor manufacturing equipment provider Lam Research Corp. reflects our expectation that the company will maintain its leadership positions in etch, deposition, and clean products within the semiconductor capital equipment industry, and its moderate financial policy will remain intact, providing a buffer for the highly
