Evercore ISI Raises Lam Research Price Target to $275
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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