RBC Capital Raises Lam Research Price Target to $290

RBC Capital analyst Srini Pajjuri raised the price target on Lam Research (NASDAQ: LRCX) to $290.00 (from $260.00) while maintaining an Outperform rating.

“LRCX reported strong Dec-25Q results driven by healthy WFE environment and share gains.

Management sees ~23% WFE growth in 2026, above our expectations, and believes that the company can continue to outgrow the market.

While NAND spending remains lumpy, LRCX has made solid progress in Foundry and is benefiting from CoWoS/HBM strength.

We expect WFE momentum to sustain into 2027 on the back of GenAI demand and extreme supply tightness in Memory. Tech transitions such as MolyB, Backside Power, and 4F 2 offer additional tailwinds.

We raise estimates, raise PT from $260 to $290, and 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.