TD Cowen Raises Lam Research Price Target to $290
TD Cowen analyst Krish Sankar raised the price target on Lam Research (NASDAQ: LRCX) to $290.00 (from $170.00) while maintaining a Buy rating.
“Impressive WFE Outlook: Earlier and Stronger Than Anticipated; C26 WFE outlook of $135B (23% Y/Y) was the key surprise, especially given cleanroom availability tightness.
China expected to be “flattish” this year while DRAM/leading-edge Foundry to outgrow NAND. LRCX also plans to outgrow WFE again this year (would be 3rd consecutive).
We model ~$7.30 in EPS for CY27 (8% higher than Street pre-print).
LRCX’s view of CY26 WFE growing 23% to $135B this year (vs our $120B est.) clearly implies an acceleration in revenue growth and close to $6 in earnings power this year (consensus $5.37, our new est. is $5.77).
With this year equipment spend being gated by cleanroom capacity (yet growing by 23% per LRCX’s view), and our checks indicating leading-edge foundry spending accelerating in CY27, we see path to high-teens % growth for LRCX in CY27, which brings potential earnings power to more than $7 per share (we model ~$7.30).”
The price target and rating on this page are the opinion of the issuing research firm and its analyst, not of Price Target. This page is published for informational purposes only and is not investment advice, a recommendation, or an offer to buy or sell any security. Past performance does not guarantee future results. Consider your own circumstances and consult a licensed financial adviser before making investment decisions.
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.
