Cantor Fitzgerald Raises Lam Research Price Target to $320 (January)
Cantor Fitzgerald analyst C.J.
Muse raised the price target on Lam Research (NASDAQ: LRCX) to $320.00 while maintaining an Overweight rating.
“Beat, raise, rinse, repeat. Lam closed out CY25 quite strong (with tool revenue growing a robust 40% vs.
WFE +10%) and guided to a much stronger-than-expected March Q ($5.7B/$1.35 vs. cons $5.3B/$1.19).
Cyclically, Lam offered a robust outlook for WFE in CY26 to grow 23% to $135B (inline with our estimate, but we had assumed some conservatism), and this was notwithstanding a lack of cleanroom space availability for many customers.
Thus, equipment demand remains tight with slots getting taken and Lam intensely focused on its supply chain/manufacturing footprint.
In turn, mgmt highlighted strong visibility into CY27, which today is expected to be another strong growth year.
Specific to Lam, while the company highlighted more than 100bps growth in WFE share in CY25, we count closer to 250bps led by the company’s leadership across deposition & etch, particularly as it relates to advanced Foundry, NAND, DRAM, and Advanced Packaging (both COWOS and HBM).
Looking to 2026, mgmt expects share to continue to grow and we readily agree.
We have been discussing a stretch goal of $6.30 for all of CY26 and Lam is now just ~15% away from an annualized basis in just the March Q.
Considering mgmt’s vision for CY26 to be more 2H weighted, we now model CY26 EPS of $6.10 (cons $5.40) and now see a stretch goal for CY26 closer to $7.00.
And considering how early we are in the AI infrastructure buildout, we continue to think our stretch goal of $10 in CY27 (cons $6.01) remains 100% intact, if not potentially conservative.
Shares have had a good run for sure, but we continue to see upside as numbers move higher throughout CY26/27, with likely a vision for the cycle to extend even further.
Assuming $12 EPS into the CY27/28 timeframe, we are raising our price target to $320 (assumes 26.5x $12 in EPS). We reiterate our Overweight rating and Lam remains a TOP PICK.”
This research note is reproduced verbatim from the issuing firm. Price Target never edits, paraphrases or alters analysts’ words — we only republish them in one place.
