Lam Research price target raised to $120 from $110 at Oppenheimer

Oppenheimer raised the firm’s price target on Lam Research (LRCX) to $120 from $110 and keeps an Outperform rating on the shares. Lam remains one of the most compelling AI-centric semiconductor investments, in the firm’s view, capping FY25 with record profitability and a clean beat across all major metrics in its June quarter. Guidance for Q1 was strong, with top- and bottom-line forecasts 12%/20% above consensus, the third straight quarter that targets surprised by double-digits, Oppenheimer adds. However, Lam Research is down after hours, perhaps on outsized China contribution, expected December-quarter normalization, or +37% year-to-date stock performance, but the firm views the selloff as misplaced and Lam a must-own.