Morgan Stanley analyst Shane Brett downgraded Lam Research (LRCX) to Underweight from Equal Weight with a price target of $92, down from $94, as the analyst took over coverage of the stock. Lam has regained market share led by NAND, China, and share gains at TSMC (TSM), but the firm is not confident about NAND and China growth into 2026, the analyst tells investors.
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