KeyBanc Reiterates Sector Weight Rating on Lam Research

KeyBanc analyst Steve Barger reiterated a Sector Weight rating on Lam Research (NASDAQ: LRCX).

“Meeting and Raising a High Bar, Mgmt Expects Outgrowth in a Strong 2026 Market; LRCX rose after F2Q earnings beat and guide above.

We thought Lam would need to be extraordinarily bullish to justify recent price action, and it delivered.

LRCX indicated all market segments should grow in CY26, it should outgrow its +23% CY26 WFE forecast, and it has the best multiyear visibility ever.

We think LRCX is exceptionally well positioned for evolving market conditions, but it will need continued market demand, flawless execution, and limited external disruptions. Maintain SW.”

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