TLDR
- Lam Research (LRCX) hit an all-time high of $274.42, up 262% over the past year
- Fiscal Q3 results beat estimates; Q4 guidance also topped expectations
- TD Cowen raised its price target to $340 from $290, maintaining a Buy rating
- UBS, Stifel, RBC, Cantor Fitzgerald, and TD Cowen all hold Buy or Overweight ratings
- The company has already exceeded its target model for calendar year 2028 and beyond
Lam Research (LRCX) hit an all-time high of $274.42 on Thursday, capping a year in which the stock has climbed more than 262%.
Lam Research Corporation, LRCX
According to InvestingPro data, the one-year return stands at 267%, with the stock trading less than 1% below its 52-week high of $273.50.
The stock’s run has been backed by strong earnings and a string of analyst upgrades over recent weeks.
Lam reported fiscal third-quarter results that beat both Stifel’s estimates and consensus forecasts. The company also issued fourth-quarter guidance that came in ahead of expectations on both revenue growth and margins.
Management noted the company has already surpassed its target financial model for calendar year 2028 and beyond — ahead of schedule.
Analysts Raise Targets
TD Cowen analyst Krish Sankar raised his price target on LRCX to $340 from $290 on Wednesday, keeping a Buy rating. Sankar acknowledged bears will point to limited upside after the strong June quarter guide and elevated multiples, but argued customer demand and profitability support further estimate increases.
Stifel also maintained a Buy rating and lifted its target to $325, citing the strong quarterly results.
RBC Capital raised its target to $310, pointing to strong demand from generative AI workloads and market share gains, along with an improved outlook for wafer fabrication equipment spending in 2026.
Cantor Fitzgerald kept an Overweight rating with a $320 price target, noting an improved wafer fabrication equipment outlook through 2026 and 2027.
UBS reiterated a Buy rating, calling out Lam’s transition into what it described as an AI-driven growth cycle.
Fundamentals Back the Move
Lam’s fundamentals have held up alongside the stock price. The company carries a perfect Piotroski Score of 9, a measure of financial strength, and 20 analysts have revised earnings estimates upward in recent periods, according to InvestingPro.
TD Cowen’s Sankar said the bears will argue multiples are high after the strong guide, but the firm believes customer demand and profitability remain supportive.
LRCX closed Thursday trading up around 4%, with the stock sitting near its freshly set all-time high of $274.42.
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