Evercore ISI Raises Lam Research Price Target to $300

Evercore ISI analyst Mark Lipacis raised the price target on Lam Research (NASDAQ: LRCX) to $300.00 (from $275.00) while maintaining an Outperform rating.

“LRCX EPS Beat & Raised by 8% and 14%; raised 2026 WFE outlook to $140bn vs. prior $135bn and guided to “compelling” growth in 2027.

Mgmt. noted acceleration in adoption of higher-layer-count architectures and expects majority of the ~$40bn conversion spend to be completed by 2027, along with incremental greenfield capacity additions in 2027.

This aligns with our view that Agentic AI is DRAM and NAND intensive (see note) and we expect NAND WFE to inflect meaningfully in 2027, growing 86% to ~$23bn.

LRCX has traded up 55% YTD (Semi-caps +35-60% YTD) vs. SPX +4%, and trades at 39x; 77% premium to SPX and 30x our 2027 EPS est.

We expect LRCX to maintain a premium multiple as WFE accelerates through 2027 and LRCX is well-positioned to benefit from acceleration in NAND and leading-edge F&L spend.

Reiterate Outperform and raise our PT to $300 based on a 36x P/E ratio on CY28 EPS of $10.1 discounted back to CY26.”

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