Barclays Raises Lam Research Price Target to $275

Barclays analyst Tom O’Malley raised the price target on Lam Research (NASDAQ: LRCX) to $275.00 (from $255.00) while maintaining an Equalweight rating.

“WFE raise of MSD% as total WFE for CY26 now expected to be >$140B (vs. $135B prior). Street was already at 30%+ product revenue and likely moves closer to 40%.

With CSBG “staying at these levels” for the rest of the CY according to company guidance, you get close to mid-teens growth, netting total company revenue in the low 30%s.

With the strength we are hearing in DRAM and F/L in the 2H, we would expect this moves even higher as the year goes along.

Advanced Packaging continues to become more significant and we estimate a run-rate of ~$2B with >50% Y/Y growth (vs. 40% prior).

The better stock action sets up the other Semi Cap names more favorably after what seemed to be a high bar and our only gripe with LRCX and the group remains valuation.”

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