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LRCXLam Research Corporation
$332.36$415.6B
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Lam Research Corporation (LRCX) Research Brief

Wall Street consensus, price target range, and equity research thesis

Buy50 Analyst Coverage
Consensus Target
$371+11.7% Upside
Current: $332.36
Analyst Range
Low $290High $500
12-Month High/Low Spread
Ratings Mix
39 Buy·10 Hold·1 Sell
Earnings & Valuation
EPS Beat 7.7%
Forward P/E: 35.4x

Executive Summary & Research Take

Wall Street currently rates LRCX buy with a 12-month price target of $371 (+11.7% upside). The sections below cover the bull case, key risks, and latest earnings context for Lam Research Corporation.

Recent Analyst Actions

LRCX Analyst Upgrades & Price Target Changes

6 of 6 analysts raised targets. Recent price target changes and ratings for LRCX.

Updated Jun 2026
FirmActionRatingPrice Target
BarclaysRaisedEqual-Weight$275$335
Cantor FitzgeraldRaisedOverweight$320$425
UBSRaisedBuy$310$375
Wells FargoRaisedOverweight$320$365
MizuhoRaisedOutperform$330$380
Morgan StanleyRaisedOverweight$293$331

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Analyst Research Summary

Investment Thesis: Bull Case & Risk Factors

A structured look at the bull case, the risks, and the most recent earnings execution for LRCX.

Current setup

LRCX beat estimates last quarter. Below are the key reasons analysts remain constructive and the risks that could change that view.

Bull Case

What keeps the long thesis intact

  • Analyst Upgrades and Price TargetsMultiple analysts have upgraded LRCX, with price targets as high as $330, and a consensus 'Strong Buy' rating among 43 analysts with a median target of $315, suggesting a 26.6% upside from $248.75.
  • Robust Market PositionInstitutional ownership is high at approximately 84.61%, reflecting strong investor confidence in Lam Research's market position.
  • AI-Driven Demand GrowthThe semiconductor sector is benefiting from AI-driven demand, with advanced packaging expected to grow over 40% in 2026, positioning LRCX favorably.
  • Strong Financial MetricsLRCX reported trailing twelve-month revenue of $21.68 billion and a profit margin of 30.9%, with a quarter-over-quarter revenue growth of +23.8%.
  • Best-in-Class Equipment FranchiseLam Research is recognized for its improved business quality and expanded addressable market, indicating potential for market share gains.

Wall Street rates LRCX buy, giving the bull case institutional backing from 50 analysts.

Watch Out For

What can break the setup quickly

  • Valuation ConcernsAnalysts warn LRCX may be overvalued, with a DCF analysis suggesting a fair value around $205.96 compared to the last closing price of $248.75.
  • Cyclicality of Semiconductor IndustryThe semiconductor industry is cyclical, and a slowdown in wafer fab spending could lead to a rapid reset of earnings for LRCX.
  • Geopolitical Risks Impacting RevenueU.S. 'affiliate rules' are projected to impact revenue by approximately $600 million in 2026, increasing geopolitical risks.
  • China Revenue Concentration RisksChina accounted for about 34% of total revenue in FY 2025, with a decline to less than 30% projected for 2026 due to U.S. regulations.
  • Expected Margin CompressionA sequential decrease in gross margin is anticipated due to customer mix and tariffs, potentially leading to multiple compression.
  • Historical Stock VolatilityLRCX has a history of sharp declines, with drops exceeding 30% during past market downturns, indicating potential risk.

Watch whether new negative commentary on LRCX points to these structural risks or is simply reacting to short-term price moves.

LRCX Earnings Reaction — What the Last Quarter Showed

Last Quarter

EPS
$1.82 vs $1.69 est.Beat 7.7%
Revenue
$6.7B vs $6.7B est.Beat 0.9%
Consensus-Based Analysis Tools

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LRCX — Frequently Asked Questions

Quick answers to the most common questions about buying LRCX stock.

What is the analyst consensus on LRCX?
Verdict

LRCX has modest upside — analysts rate it "Buy" with a $371 target, implying +11.7% from today's $332.36. This is informational only — verify the data and consider your own risk tolerance before deciding.

What are recent analyst rating changes for LRCX?
Timing

Timing depends on your horizon, but the data signals are: consensus rating "Buy" with +11.7% upside to the $371 target. In the past 30 days, 6 of 6 covering analysts raised their price targets — a bullish signal.

What is the price target for LRCX stock?
Price Target

LRCX's consensus 12-month price target is $371, set by 50 Wall Street analysts. The bull case high is $500 and the bear case low is $290. From the current price of $332.36, this implies +11.7% upside.

Is LRCX overvalued or undervalued?
Valuation

LRCX appears fairly valued — the $371 consensus target is roughly in line with today's $332.36 (+11.7%). It trades at a forward P/E of 35.4x. Targets range from $290 (bear) to $500 (bull), reflecting different assumptions about growth and margins.

What were LRCX's latest earnings results?
Earnings

LRCX reports next quarter. Earnings-week moves are volatile — historically, analyst targets revise upward after a beat and downward after a miss. The current consensus is "Buy" with a $371 target. Consider position sizing rather than going all-in pre-print.

What is the bull case for LRCX?
Coverage

Of 50 analysts covering Lam Research Corporation (LRCX): 0 Strong Buy, 39 Buy, 10 Hold, 1 Sell, 0 Strong Sell — a "Buy" consensus. The 12-month price target is $371 (range $290–$500). Bullish analysts outnumber bearish by more than 2-to-1.

What are the risks of investing in LRCX?
Risks

1 of the 50 analysts covering LRCX rate it Sell or Strong Sell. Common concerns include valuation stretch, slowing growth, and sector-specific headwinds — see the Bull vs. Risk cards above for the specific theses on Lam Research Corporation.

Financial Data & Software Notice: VCP Scanner is an educational financial research database and stock screening software platform. VCP Scanner does not generate, recommend, or package trade decisions, buy/sell signals, or personalized investment advice. Consensus ratings and price targets reflect aggregated third-party Wall Street analyst research from public SEC filings. See our Terms of Service and Privacy Policy.