Lam Research Shares Rally After New Wave of Analyst Price‑Target Raises

Overview

• Lam Research shares jumped about 7.5% on Thursday, July 9, opening near $365 after Mizuho raised its price target to $400 and kept an Outperform rating.
• Mizuho published multi‑year WFE forecasts of $192 billion for 2027, $221 billion for 2028 and $214 billion for 2029 and said AI, high‑bandwidth memory and foundry investment should drive extended equipment demand.
• Several other sell‑side firms have also lifted targets in recent weeks, with Susquehanna at $475 and Stifel Nicolaus and Cantor Fitzgerald as high as $500, leaving a MarketBeat consensus of Moderate Buy (28 Buys, 6 Holds).
• Analysts point to Lam's recent quarter as the catalyst: the company beat estimates with EPS $1.47 versus $1.36 expected, revenue $5.84 billion, and guided Q4 2026 EPS to $1.50–$1.80.
• The bullish case raises valuation and execution questions because Lam now trades at a high forward P/E with a market cap near $448 billion and risks from product timing, factory slot limits and export controls that could slow the pace of capital spending.