Bernstein Raises Lam Research Price Target to $275

Bernstein SocGen Group analyst Stacy Rasgon raised the price target on Lam Research (NASDAQ: LRCX) to $275.00 (from $225.00) while maintaining an Outperform rating.

“Investors have been going gaga for semicap lately, an appetite that appears to be well warranted; in fact it seems likely that Lam will hit their CY2028 analyst day model in FISCAL 2027 or even earlier (i.e. at least18 months ahead of schedule).

And given much of the cleanroom space getting will take time to hit, it seems likely that this cycle could continue for quite a while.

As it does, the company appears well-positioned to benefit as spending levels move higher, with favorable exposure to key inflections (GAA, packaging, HBM, NAND upgrades and, eventually, greenfield additions) amid really solid internal execution.

Valuation remains rich of course, but we think you still want to be here.

Raising estimates, multiple to 40x (vs 35x prior) given industry potential; PT to $275 (40x on avg FY27/28 EPS).

We rate LRCX Outperform.”

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