Shares of companies that manufacture equipment to produce semiconductors are under pressure on Wednesday after big-cap name Lam Research (LRCX) announced quarterly earnings last night. Lam reported third quarter earnings per share of $4.79 on revenue of $2.89B for the quarter ended March 25. Analysts expected Lam to earn an adjusted $4.38 per share on sales of $2.86B. GUIDANCE: For Q4, Lam Research expects to report Q4 EPS of $5 plus or minus 20c a share on revenue of $3B plus or minus $150M. Analysts are anticipating EPS of $4.67 on revenue of $2.93B for the quarter. ANALYST VIEWS: Following Lam’s report last night, Needham analyst Y. Edwin Mok kept his Buy rating and $270 price target on Lam Research, citing its “solid” Q3 earnings report and above-consensus FY18 outlook. Mok warned, however, that a lower shipments guide for Q4 could impact the stock. The analyst believes that while he “underestimated the magnitude of a NAND moderation,” which could lead to some near-term volatility, any pullback in the stock price should be considered a “long-term buying opportunity”. Other analysts were also upbeat including B. Riley FBR analyst Craig Ellis, who recommends using the post-earnings pullback in shares of Lam Research as a buying opportunity. JP Morgan analyst Harlan Sur raised his price target for Lam Research to $275, saying last night’s Q3 results came in ahead of consensus estimates on strong memory shipments. PRICE ACTION: Lam Research is down over 5% to $201 per share in afternoon trading. PEERS FOLLOW LAM LOWER: KLA-Tencor (KLAC), Applied Materials (AMAT), Teradyne (TER), Amkor Technology (AMKR), Axcelis (ACLS) and Brooks Automation (BRKS) are all lower in afternoon trading.