Cantor Fitzgerald Raises Lam Research Price Target to $425

Cantor Fitzgerald analyst C.J.

Muse raised the price target on Lam Research (NASDAQ: LRCX) to $425.00 (from $320.00) while maintaining an Overweight rating.

“Leading-edge foundry/logic and AI-driven advanced packaging are the primary WFE growth drivers, with the majority of new wafer start investments in 2026–2027 in AI-driven logic.

Mature-node investment is not a near-term demand driver; capacity from prior cycles is being digested and lagging-edge capex is minimal in 2026.

HBM is a key incremental demand driver, with capacity additions at advanced DRAM nodes driving higher etch and deposition intensity per wafer.

“The majority of the $40B NAND conversion investment is now anticipated to occur before end of 2027,” representing an accelerated timeline vs. prior expectations.”

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