Evercore ISI Reiterates Outperform Rating on Lam Research

Evercore ISI analyst Mark Lipacis reiterated an Outperform rating and $275.00 price target on Lam Research (NASDAQ: LRCX).

“Great Fundamentals, But Great Expectations – Wait to Add. We are cautious on the LRCX setup into the print, given LRCX has traded up 56% YTD (Semi-caps +35-60% YTD) vs.

SPX +4% and our survey indicates most are overweight Semi-caps generally and LRCX specifically.

We believe the fundamentals for the group and LRCX are positive as 1) Agentic AI is DRAM and NAND intensive (see note) and LRCX is well-positioned to benefit from acceleration in NAND spend with ~37% exposure; 2) Street models LRCX’s 2026 product revs to grow 31%/24% (vs. our 2026/2027 WFE growth est of 28%/28%) – which we think could be conservative as in 2017, 2020 and 2025 LRCX’s revs grew 11%/10% and 35% faster than WFE.

Key risk is valuation, LRCX trades at 39x; 58% premium to SPX – which leads us to believe the near-term positive fundamentals are largely baked-in.”

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.