Berenberg Adjusts Price Target on Lam Research to $415 From $420

Lam Research (LRCX) shares fell 12% after its earnings release, citing supply constraints and a decline in China revenue for the next quarter, according to management.

Lam Research reported 2026 revenue of $8.22B, up 54.4% YoY, and net income of $2.75B, up 75.5% YoY. Diluted EPS rose 76.6% to $2.19. Sequential revenue growth of 22% was driven by strong demand in foundry and memory equipment. Systems revenue increased 35% sequentially, while customer support revenue grew modestly. Management highlighted AI-driven spending as an opportunity but noted trade restrictions and industry volatility as risks.

Lam Research (LRCX) fell 9.44% to $236.19 on October 22 after reporting September-quarter revenue of $8.22B, up 22% YoY, and meeting expectations with its outlook. Despite record sales and growth, investors remain concerned about valuation and future growth.

Lam Research increased its revenue target for Aether to $2.5B by 2030. The company forecasts wafer-fab equipment spending to exceed $200B in 2027, driven by DRAM and NAND demand. Clean-room capacity and supply-chain constraints pose risks.

Lam Research (LRCX) reported record Q1 FY2027 results, with EPS and revenue beating estimates. Despite this, shares fell 10%. Management expects strong demand, but supply constraints and China exposure pose challenges. Analysts cut price targets due to sector multiple compression. Next catalysts include Q3 earnings and updates on supply and customer capex.

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