Oppenheimer Raises Lam Research Price Target to $265

Oppenheimer analyst Ed Yang raised the price target on Lam Research (NASDAQ: LRCX) to $265.00 (from $200.00) while maintaining an Outperform rating.

“Lam’s implicitly guiding to ~24%+ CY26 revenue growth (WFE +23% plus >1% share gain), well above our prior ~19%E.

Management also noted that this robust outlook’s constrained by cleanroom availability, implying pent-up demand extending growth into CY27.

Given strength, Lam plans to refresh its multi-year targets (CY28E $26B revenue, $6.50 EPS), with the possibility revenue’s achieved two years ahead of plan this year.

Notably, Lam rarely provides annual guidance, let alone multi-year directional commentary, underscoring unusual confidence in accelerating momentum.

We raise FY26E revenue/EPS by 4%/7%, FY27E by 7%/11%, and lift our price target to $265 (from $200), extending recent elevated ~40x FY27E P/E.

LRCX remains our top pick and best-positioned semicap to serve AI-driven demand, although the group’s euphoric sentiments gives us pause.”

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