As previously reported, Susquehanna upgraded Lam Research (LRCX) to Positive from Neutral with a price target of $125, up from $75, after Lam yesterday held its first analyst day since early 2020. During the event, the company introduced a calendar 2028 EPS target of $6-$7, while focusing on a free cash flow margin of 30%, the majority of which will be returned to investors in addition to the existing buyback authorization of $9.2B, the analyst says. What “caught our attention” is the serviceable addressable market expansion beyond Memory, intended to help Lam with a higher mix of leading-edge Logic/Foundry, the analyst tells investors.
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