RBC Capital Initiates Coverage on Lam Research at Outperform
RBC Capital analyst Srini Pajjuri initiates coverage on Lam Research (NASDAQ: LRCX) with an Outperform rating and a price target of $260.00.
“LRCX significantly outperformed in 2025 driven by NAND upgrades and Foundry share gains.
We remain positive on wafer fab equipment (WFE) spending and expect LRCX to continue to outgrow the market.
Memory spending is on track to outpace WFE and the company is also benefiting from technology trends such as MolyB, Dry Resist, Backside Power, and 4F 2 .
China is set to decline to <30% of sales and further regulatory risk appears modest.
Valuation is at 10% premium to peers, which we believe is justified given positive Memory spending environment, tech transitions, and solid margin execution. Initiate at Outperform.”
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