Morgan Stanley Raises Lam Research Price Target to $211

Morgan Stanley analyst Shane Brett raised the price target on Lam Research (NASDAQ: LRCX) to $211.00 (from $158.00) while maintaining an Equalweight rating.

“2026 should be a strong year for LAM. LAM delivered a remarkable 2025, with the company outperforming WFE by an estimated 27ppt.

We expect outperformance to continue into 2026 & 2027, led by foundry logic, where LAM is seeing share gains at TSMC and in China, as well as by its portfolio skew toward NAND.

We revise our 2026 forecasts from $23.1bn/$5.36 to $24.1bn/$5.77, driven primarily by higher foundry logic assumptions reflecting the reversal of the BIS affiliate rule and an upward revision to our TSMC outlook.

We also revise our 2027 forecasts from $26.4bn/$6.33 to $28.2bn/$7.03, reflecting continued strength in foundry logic and incremental optimism around DRAM share gains.

We raise our target multiple to 30x from 25x to reflect a more favorable operating environment, which, applied to our new CY27 EPS estimate of $7.03, increases our price target to $211 from $158.”

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