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The sizable target reduction is a negative revision and supports a bearish near-term read, despite the revised target remaining above the posted price.
What happened, with direct paths to the underlying reporting
Evercore ISI reduced its LRCX price target by about 11%, from $355 to $315. The posted price was $272.20, so the revised target remains above it.
Target: $315
Posted price: $272.2
Analyst firm: Evercore ISI
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