Mizuho Raises Lam Research Price Target to $330
Mizuho analyst Vijay Rakesh raised the price target on Lam Research (NASDAQ: LRCX) to $330.00 (from $295.00) while maintaining an Outperform rating.
“LRCX reported a good MarQ and STRONG JunQ, guiding revenue to $6.6B (ABOVE cons. $6.05B).
Key points: 1) LRCX raised 2026E WFE to up ~27% y/y and $140B (above our ~$134B ests, Ex-1), with SAM % of WFE GROWING from mid-30% in C26E to high-30s L-T, 2) MarQ DRAM up 45% y/y, with HBM and DRAM-1c transitions driving ALD, 3) Foundry Revs up 39% y/y, with share gains and momentum in copper-plating, TSV etch and Adv.
Packaging growing >50% y/y in C26E, and 4) NAND $40B >200L conversion spend pulled-in to 2026-2027E (prior “several years”) driving potential upside.
Reiterate Outperform, Raise Estimates 6-12% Above Consensus and PT to $330 from $295, with LAM C26E topline up >30% y/y, outgrowing peers 2-3X, with FOUNDRY/DRAM share gain momentum and NAND upside.”
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