Jim Cramer on Lam Research: "Do Not Sell it, Be a Buyer"

Lam Research Corporation (NASDAQ:LRCX) is one of the stocks in focus in Jim Cramer’s latest lightning round. A caller asked what Cramer thinks of the stock during the lightning round, and he said:

“Yeah, someone downgraded Lam Research the other day, and I said, are you out of your mind? That’s the chief intellectual property of semiconductor capital equipment. I think it is still a buy even though it just had this parabolic move, up 65%. Do not sell it. Be a buyer.”

Lam Research Corporation (NASDAQ:LRCX) develops and services semiconductor processing equipment as it provides a broad range of deposition, etch, and cleaning systems designed to support integrated circuit manufacturing. In a July episode, Cramer mentioned the stock and said:

“It would be best to accept that the food and drugs can have a couple of days in the sun, can’t they? The old leaders pulled back a little, can’t they? Don’t be in a hurry to buy Lam Research or Applied Materials or KLA… not after we had Texas Instruments on tonight, and I wouldn’t step in front of the falling knives that represent any of the meme stocks…”

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Disclosure: None. This article is originally published at Insider Monkey.