BUZZ-Lam Research stock rises after investor update

Lam Research's LRCX.O stock up 2% after execs provided an update to investors, projecting revenue of $25-28 bln and adjusted earnings of $6-7/share by 2028

CFO Douglas Bettinger highlighted expected gross margins of ~50% by 2028, a key metric for profitability

Co unveiled two new chip-making tools aimed at enhancing production of advanced flash storage, RAM, and AI chips

LRCX's stock has surged ~22% YTD, outperforming the Nasdaq's .IXIC 4% rise

Stock recently traded 22% below its 52-week high of $113 reached on Jul 11, 2024

LRCX's PE valuation at 23x expected earnings, above its 5-year avg forward PE of 19, per LSEG data