Lam Research

Lam Research Reports Record 2025 Results and Q2 Earnings Exceed Guidance

拉姆研究

Morgan Stanley Raises Lam Research PT to $244, Maintains Equal-Weight Rating

Goldman Sachs maintains Buy rating for Lam Research with raised PT to $262.

Lam Research: UBS maintains Buy, raises PT to $275 from $255.

JP Morgan Raises PT on Lam Research to $300 from $165

Catalyst<ul> <li>Most analysts rate LRCX Buy or Strong Buy, showing broad institutional optimism.</li> <li>The company maintains strong cash reserves relative to market value.</li> <li>Recent Bullish Harami Cross and Bearish Engulfing signals on January 22 indicate strong bullish momentum.</li></ul>Risk<ul> <li>Fund flows show negative outflows across all order sizes, suggesting investor caution.</li> <li>Technical indicators show that the market is in a volatile state, and the direction is not clear enough.</li></ul>

Key Factors

Lam Research (LRCX) reported Q2 FY26 earnings of $1.27 per share, exceeding estimates by 8.5%, with revenues rising 22% YoY to $5.34 billion. LRCX raised Q3 revenue guidance to $5.7 billion, reflecting strong demand driven by AI adoption and advanced semiconductor manufacturing. Lam Research reported record annual revenue of $20.6 billion for CY 2025, up 27% YoY, with a gross margin of 49.9% and operating margin of 34.1%. Several analysts raised LRCX's price targets, including JP Morgan to $300 and Susquehanna to $325, reflecting confidence in its market position and growth trajectory. Lam Research's stock surged 5.60% premarket after strong Q2 results and guidance, with shares reaching a 52-week high of $251.32.

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