Lam Research (LRCX) PT Raised to $115 at Needham

Needham analyst N. Quinn Bolton raised the price target on Lam Research (NASDAQ: LRCX) to $115.00 (from $110.00) while maintaining a Buy rating.

The analyst commented: "Lam Research reported a strong beat-and-raise quarter and raised CY25 WFE outlook from $100B to $105B for China demand upside. The company guided C3Q25 significantly above consensus, mostly driven by continued growth of China revenue, which should account for greater than 35% of the total revenue in C3Q25. While the company cited increased spending of multinationals in China, significant domestic China WFE growth is still the most likely reason for the exceptional strength. What may be adding pressure on the stock is that management expects China strength to fade in C4Q25, which alone could send total revenue and GM back to C1Q25 levels. We think the market will once again debate whether strong China is good or bad for LRCX, but our CY26 estimates still move up nicely. Our PT is slightly increased to $115. Maintain Buy."

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