Mizuho Raises Lam Research Price Target to $380

Mizuho analyst Vijay Rakesh raised the price target on Lam Research (NASDAQ: LRCX) to $380.00 (from $330.00) while maintaining an Outperform rating.

“Raising 2026/2027E WFE to $153B/$190B (prior $142B/$163B), up 23%/24% y/y with AI logic/memory brownfield/greenfield fab capacity, as we see: 1) TSMC C26E Capex at high end of $52-56B with 2nm ramps, we see C27E at $74B, up ~28% y/y, 2) Samsung/MU/others ramping HBM/DRAM CAPEX with total memory WFE spend ~$112B in 2026E, 3) INTC spend growing in 2027E with 18A, with potential advanced packaging with EMIB-T with MTK and domestic foundry deals (e.g.

TSLA), 4) LRCX flagging $40B in node transition spend with majority expected before YE-2027E and 4) China domestic WFE continues to grow ~high-teens% y/y.

With an improving WFE outlook,current LRCX, AMAT, MKSI earnings are UNDERESTIMATED, we see UPSIDE.”

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