What the analyst said

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.”

Disclaimer
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Where the price stands

LRCX trades at $185. The 9 analysts who set a target in the last 3 months range from $290 to $400, with a median of $350. This $275 target is 21% below the median, the lowest on the Street.

Since the note LRCX has moved −30% (from $263). 12-month window: day 198 of 365, closes on April 21, 2027.

Track record

This call✓ Target reached on May 5, 2026, 14 days after the note.

Firm track recordEvercore: 88% of its 16 targets at least a year old were reached within 12 months (#3 of 26 firms). Accuracy ranking →

Evercore on Lam Research

Evercore price targets on Lam Research

5 calls from January 26, 2026 to July 21, 2026. The target went from $241 to $355 (+47%). The rating stayed Buy.

Evercore targetLRCX share price
  1. July 21, 2026Target raised from $300 (+18%)Buy$355
  2. April 23, 2026Target raised from $275 (+9%)Buy$300
  3. April 21, 2026 This noteKept the $275 targetBuy$275
  4. January 29, 2026Target raised from $241 (+14%)Buy$275
  5. January 26, 2026Earliest call shownBuy$241
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Other analysts on Lam Research

Lynx Equity Kept rating and price target Oct 28 $400maintained BernsteinBuy Cut price target −9%, kept rating Oct 22 $350from $385 UBSBuy Cut price target −6%, kept rating Oct 22 $400from $425 Morgan StanleyBuy Cut price target −12%, kept rating Oct 22 $339from $385 Bank of AmericaBuy Cut price target −10%, kept rating Oct 22 $345from $385
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Price Target is an archive of Wall Street analyst research, published for informational purposes only. Nothing on this site is investment advice, a recommendation, or an offer to buy or sell any security. Analyst ratings and price targets are the opinions of the issuing firms, not of Price Target. Always do your own research or consult a licensed financial adviser.