Lam Research

LRCX · NASDAQ

$263.45−$8.75 (−3.21%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $272.20

LRCX analyst rating

BuyConsensus of 24 analysts over the last 12 months. 92% rate it a buy.

Strong buy0
Buy22
Hold2
Underperform0
Sell0

12-month price target · 34 analysts

Average $378.47 (+43.7% upside)

Low: $215.13
Now: $263.45
High: $525.00

Upgrades and downgrades

The latest rating actions, newest first

LRCX analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Evercore ISI Group	Oct 20, 2026	Maintains	Outperform	$355.00 → $315.00	61%
Morgan Stanley	Oct 5, 2026	Maintains	Overweight	$367.00 → $385.00	50%
B. Riley Securities	Oct 1, 2026	Maintains	Buy	$350.00 → $390.00	60%
UBS	Sep 1, 2026	Maintains	Buy	$435.00 → $425.00	69%
Mizuho	Aug 25, 2026	Maintains	Outperform	$370.00 → $365.00	59%
Morgan Stanley	Jul 30, 2026	Maintains	Overweight	$404.00 → $367.00	50%
B. Riley Securities	Jul 30, 2026	Maintains	Buy	$385.00 → $350.00	60%
Wells Fargo	Jul 30, 2026	Maintains	Overweight	$450.00 → $350.00	54%
Needham	Jul 30, 2026	Maintains	Buy	$390.00	58%
Jefferies	Jul 30, 2026	Maintains	Buy	$315.00 → $335.00	60%

The case for and against

Updated Oct 14, 2026

Bull case

Lam Research is favored because it combines dominant etch leadership, a strong deposition position, and rising share in foundry, DRAM, and NAND, giving it direct leverage to the most content-rich areas of semiconductor manufacturing. The case is strengthened by management’s raised CY26 WFE outlook to $140B+ with upside, a constructive CY27 setup, and evidence of execution such as March quarter revenue of $5.84B, 49.9% gross margin, and six consecutive quarters of double-digit beats/raises. Its AI exposure, expanding advanced packaging and HBM opportunities, strong cash generation, and aggressive shareholder returns underpin the view that earnings and margin power should continue to outgrow the broader WFE cycle.

Bear case

Lam Research is negatively viewed because its fundamentals remain highly exposed to cyclical swings in semiconductor capex and global GDP, with a beta of 2.4 that implies amplified volatility versus the broader market. Revenue and margins are especially vulnerable to demand shifts, chip supply-demand imbalances, process-node transitions, and customer concentration, while political uncertainty in China, trade barriers, regulatory pressures, earthquakes, and antitrust risks could all disrupt earnings power. The company’s operating expenses of $866M, above the roughly $855M guide and consensus, also suggest cost pressure, and rising competition from Tokyo Electron, AMEC, and Naura may further challenge its WFE growth outlook.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.