RBC Capital Raises Lam Research Price Target to $310

RBC Capital analyst Srini Pajjuri raised the price target on Lam Research (NASDAQ: LRCX) to $310.00 (from $290.00) while maintaining an Outperform rating.

“DRAM Drives Another Strong Quarter; WFE Outlook Better; LRCX delivered a solid beat/raise driven by GenAI demand and share gains.

Management raised 2026 WFE to $140B (vs prior $135B) and expects momentum to continue into 2027. DRAM was particularly strong in the quarter and NAND outlook is also improving.

China exposure declined slightly while CSBG is sustaining double-digit growth.

Looking ahead, we expect healthy WFE environment to continue for the next 2-3 years driven by GenAI demand and Memory tightness.

LRCX has made solid progress in Foundry/Logic, and Tech transitions (MolyB/BSP/4F2 ) present additional tailwinds. We raise PT to $310 and reiterate Outperform.”

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