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.”

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