Morgan Stanley upgraded Lam Research (LRCX) to Overweight from Equal Weight with a price target of $331, up from $293. The magnitude of Morgan Stanley’s DRAM wafer fab equipment revisions have narrowed, and the firm is now more positive on NAND wafter fab equipment revisions from here, the analyst tells investors in a research note. The firm cites its confidence on Lam’s 2027 share gains for the upgrade. Morgan Stanley coupled the upgrade with a downgrade of Applied Materials (AMAT).
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