What the analyst said

Needham analyst Charles Shi lowered the price target on Lam Research (NASDAQ: LRCX) to $290 (from $390) while maintaining a Buy rating.

“Lam Research reported C3Q26 results ahead of estimates, with both revenue and gross margins exceeding the mid-point of guidance, with China and NAND strength both driving growth.

Guidance was for +5% QoQ (to $8.6B), which based on after hours trading, was seemingly below investor expectations, and we are moving our estimates lower as well for next quarter.

Management noted a supply chain issue across multiple components has impacted the guide.

Into CY27, management expects WFE >$200B, with growth in % terms led by DRAM, followed by leading-edge logic, and finally NAND.

We maintain our Buy rating and lower PT to $290 (28x our largely unchanged CY28 estimate).”

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Where the price stands

LRCX trades at $233. The 9 analysts who set a target in the last 3 months range from $290 to $400, with a median of $350. This $290 target is 17% below the median, the lowest on the Street.

12-month window: day 1 of 365, closes on October 22, 2027.

Track record

This callOpen: LRCX has not reached $290 yet. This 12-month target is scored on October 22, 2027.

Firm track recordToo early to score Needham: price targets are 12-month calls and fewer than 3 of its targets are a year old. 18 of its 40 open targets have already been reached. How we score

Earnings reactionOne of 6 notes after Lam Research’s Oct 21 results: 6 of 6 cut targets. See every call →

Needham on Lam Research

Needham price targets on Lam Research

2 calls from January 29, 2026 to October 22, 2026. The target went from $300 to $290 (−3%). The rating stayed Buy.

Needham targetLRCX share price
  1. October 22, 2026 This noteTarget cut from $300 (−3%)Buy$290
  2. January 29, 2026Earliest call shownBuy$300
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Other analysts on Lam Research

BernsteinBuy Cut price target −9%, kept rating · Oct 22 $350from $385 UBSBuy Cut price target −6%, kept rating · Oct 22 $400from $425 Morgan StanleyBuy Cut price target −12%, kept rating · Oct 22 $339from $385 Bank of AmericaBuy Cut price target −10%, kept rating · Oct 22 $345from $385 MizuhoBuy Cut price target −1%, kept rating · Oct 22 $360from $365
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Price Target is an archive of Wall Street analyst research, published for informational purposes only. Nothing on this site is investment advice, a recommendation, or an offer to buy or sell any security. Analyst ratings and price targets are the opinions of the issuing firms, not of Price Target. Always do your own research or consult a licensed financial adviser.