What the analyst said

Evercore ISI analyst Mark Lipacis raised the price target on Lam Research (NASDAQ: LRCX) to $275.00 (from $241.00) while maintaining an Outperform rating.

“LRCX Beat & Raised and expects 2026 WFE to be $135bn +23%YY and 13% higher than our & Street WFE est of $120bn (Bull case $125bn), driven by strength in leading-edge F&L and DRAM markets.

This is consistent with our preview, where we highlighted that the fundamentals for SCE group are positive as CapEx as % of sales and EBIT for TSMC and the memory companies are well below historical norms.

LRCX has traded up 30% YTD (Semi-caps +20-40% YTD) vs. SPX +2%, and trades at 42x; 83% premium to SPX.

We expect LRCX to maintain a premium multiple as WFE accelerates through 2027 and LRCX is well-positioned to benefit from acceleration in memory spend and leading-edge F&L spend.

Reiterate Outperform.”

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Where the price stands

LRCX trades at $200. The 9 analysts who set a target in the last 3 months range from $290 to $400, with a median of $350. This $275 target is 21% below the median, the lowest on the Street.

Since the note LRCX has moved −16% (from $240). 12-month window: day 281 of 365, closes on January 29, 2027.

Track record

This call✓ Target reached on May 5, 2026, 3 months after the note.

Firm track recordEvercore: 88% of its 16 targets at least a year old were reached within 12 months (#4 of 26 firms). Accuracy ranking →

Earnings reactionOne of 18 notes after Lam Research’s Jan 28 results: 16 raised · 0 cut · 0 kept. See every call →

Evercore on Lam Research

Evercore price targets on Lam Research

5 calls from January 26, 2026 to July 21, 2026. The target went from $241 to $355 (+47%). The rating stayed Buy.

Evercore targetLRCX share price
  1. July 21, 2026Target raised from $300 (+18%)Buy$355
  2. April 23, 2026Target raised from $275 (+9%)Buy$300
  3. April 21, 2026Kept the $275 targetBuy$275
  4. January 29, 2026 This noteTarget raised from $241 (+14%)Buy$275
  5. January 26, 2026Earliest call shownBuy$241
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Other analysts on Lam Research

Lynx Equity Kept rating and price target Oct 28 $400maintained BernsteinBuy Cut price target −9%, kept rating Oct 22 $350from $385 UBSBuy Cut price target −6%, kept rating Oct 22 $400from $425 Morgan StanleyBuy Cut price target −12%, kept rating Oct 22 $339from $385 Bank of AmericaBuy Cut price target −10%, kept rating Oct 22 $345from $385
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Price Target is an archive of Wall Street analyst research, published for informational purposes only. Nothing on this site is investment advice, a recommendation, or an offer to buy or sell any security. Analyst ratings and price targets are the opinions of the issuing firms, not of Price Target. Always do your own research or consult a licensed financial adviser.