Stifel Raises Lam Research Price Target to $280

Stifel analyst Brian Chin raised the price target on Lam Research (NASDAQ: LRCX) to $280.00 (from $250.00) while maintaining a Buy rating.

“F2Q(Dec) results and F3Q(Mar) guidance exceeded ours/consensus estimatesLam projects industry WFE spending of $135B in CY26, >20% YY growthConstrained by availability of fab cleanroom, revenue is expected to be 2H-weightedWe anticipated a WFE growth forecast closer to +15% YY, yet believe the robust visibility into AI infrastructure demand, and ingenuity of leading memory/foundry players to commandeer incremental cleanroom space, is enabling a higher WFE potential.Following a CY25 where Lam system revenue grew >2x WFE, we continue to expect Lam will outpace industry growth in CY26.

Of note, we now model Lam comfortably within its CY28 target financial model, this year, and at the high-end of its more aspirational model ($7-8 non-GAAP EPS on $30B+ revenue) in CY27.We raise our PT to $280, ~35x our CY27E P/E, a premium we feel is warranted with Lam demonstrating clear leadership in the sector.”

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