Mizuho Raises its Price Target on Lam Research (LRCX)
Mizuho raised its Lam Research (LRCX) price target to $380 from $330 and kept an Outperform rating, citing higher 2026 wafer fab equipment spending estimates ($153B vs $142B) and 2027 ($190B vs $163B). It said current earnings estimates are underestimated due to NAND transitions, TSMC spending, and stronger DRAM/HBM pricing. Morgan Stanley upgraded LRCX to Overweight with a $331 target, while B. Riley raised its target to $385.
Street-upside revision narrative for 2026-27 capex and earnings estimates, anchored by NAND/DRAM transition assumptions.
Mizuho raised Lam Research’s 2026/2027 wafer fab equipment spending estimates and lifted its price target to $380 from $330.
Near-term upside bias as raised PTs and higher capex expectations can support momentum, though magnitude depends on current positioning.
Background
The article summarizes multiple sell-side actions on Lam Research, led by Mizuho’s PT increase and estimate revisions, plus prior upgrades from Morgan Stanley and B. Riley.
Why it matters
Higher modeled wafer fab equipment spending for 2026-27 and a more constructive view on NAND/DRAM revisions can shift consensus earnings expectations and support the stock via sentiment and multiple-expansion narratives.
Market relevance
This is a bullish sell-side revision cluster for Lam, centered on higher semiconductor capex expectations and memory-transition-driven equipment demand.
Market effects
Reinforces positive read-through for semiconductor capex and wafer fab equipment demand tied to NAND node transitions and DRAM/HBM pricing.
Limited direct regional impact; primarily global semiconductor equipment demand expectations.
Supports broader global memory-cycle and foundry spending optimism (TSMC-linked capex framing).
Alternative perspectives
Analyst PT hikes may already be partially priced; if memory transition timing or capex intensity slips, the read-across could reverse quickly.
The piece cites underestimation of earnings estimates but provides no new company-specific datapoint (e.g., order intake, bookings, guidance), so execution risk remains.
Key entities
- companyLam Research
Subject of the article; Mizuho raised its price target and spending/earnings assumptions.
- analyst_firmMizuho
Raised Lam’s PT to $380 and increased 2026/2027 wafer fab equipment spending estimates.
- analyst_firmMorgan Stanley
Upgraded Lam to Overweight and cited narrowing DRAM revisions and improved NAND outlook.
- analyst_firmB. Riley
Raised Lam’s PT to $385, citing accelerating AI-driven capex and tighter supply-demand fundamentals.
