Lam Research price target raised to $110 from $80 at Oppenheimer

Oppenheimer raised the firm’s price target on Lam Research (LRCX) to $110 from $80 and keeps an Outperform rating on the shares after meeting with VP, IR Ram Ganesh. Lam continues to have a clear line-of-sight into an unusually large, multi-year $40B NAND upgrade wave that is relatively less cyclical with very high capture rates, the firm says. Meanwhile, its traditional dominance in 3D scaling structurally positions it strongly to serve AI-driven demand. Oppenheimer notes that the tone was positive, echoing April’s impressive Q3 and guidance double beat. Lam previously saw no shift in customer order patterns, though the firm remains more cautious on potential lagged trade war impacts on an extended WFE cycle.