Lam Research Corporation (NASDAQ:LRCX) shares closed almost 7% lower on Thursday, following the company’s Q2 results announcement, with non-GAAP EPS coming in at $8.53, slightly above the Street expectations. Revenue grew 22.3% year-over-year to $4.23 billion, missing the consensus estimate of $4.40 billion.

Analysts at Deutsche Bank provided their views on the company following the results, mentioning that they generally maintain their revenue growth assumption for this year as they expect revenue is deferred but not lost, however, they turn more conservative on margin assumptions as they see supply challenges remaining a margin headwind for some time. The analysts lowered their price target on the company’s shares to $650 from $720, while reiterating their hold rating.