Lam Research Entering Earnings Upswing Amid Faster Wafer Fabrication Equipment Spending, BofA Says

MT Newswires Live01-29

Lam Research (LRCX) is heading into a multi-year upcycle amid faster wafer fabrication equipment spending and expanding market share across leading-edge logic, NAND, and memory, BofA Securities said in a Thursday note.

BofA expects current year 2026 wafer fabrication equipment spending to reach $135 billion, up 23% year over year, marking the start of a multi-year upcycle led by more sustainable, ex-China growth, according to the report.

Lam is well positioned to outperform the industry, supported by its etch and deposition portfolio, which it views as largely agnostic to technology inflections such as gate-all-around, backside power delivery, and high-bandwidth memory, BofA said.

The analysts cited improved visibility and operating leverage in lifting its CY 2026 and CY 2027 earnings per share estimates by 19% and 18%, respectively, and said Lam could reach $9 to $10 in earnings power by CY 2028/2029.

The firm maintained its buy rating on the stock and raised its price target to $285 from $245.

Price: 240.70, Change: +1.12, Percent Change: +0.47

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