Stifel Raises Lam Research Price Target to $325
Stifel analyst Brian Chin raised the price target on Lam Research (NASDAQ: LRCX) to $325.00 (from $300.00) while maintaining a Buy rating.
“F3Q(Mar) results exceeded ours/ cons. estimates, while guidance for F4Q(Jun) +surprised across-the-board on sequential revenue growth and margins (already surpassing Lam’s CY28/beyond target model).Though CSBG (~service/spares) growth was better-than-expected in F3Q, system revenue is the clear growth driver in F4Q (guidance implies low-mid 20s QQ growth) and calendar 2H (still expected >1H).In line with our preview, Lam increased its CY26 WFE to $140B (from $135B), on broad-based incremental strength, with added upside (possibly contingent on WFE constraints and China).
Lam was incrementally more bullish on NAND conversion spending, with the residual of $40B conversion spend pulling-into CY26-27.
Lam sees “compelling” WFE growth in CY27.Overall, we view this update as confirmation that Lam is positioned for, and operationally ready to meet, a higher ramp than most.
We raise our CY26/27 estimates, which now reflect mid-30s (from high-20s) and mid-20s YY topline growth, respectively. Maintain Buy-rating, PT to $325.”
The price target and rating on this page are the opinion of the issuing research firm and its analyst, not of Price Target. This page is published for informational purposes only and is not investment advice, a recommendation, or an offer to buy or sell any security. Past performance does not guarantee future results. Consider your own circumstances and consult a licensed financial adviser before making investment decisions.
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.
