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.”

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.