Lam Research price target lowered to $80 from $95 at Oppenheimer

Oppenheimer lowered the firm’s price target on Lam Research (LRCX) to $80 from $95 and keeps an Outperform rating on the shares. The firm is lowering its 2025/2026 estimates for Lam Research as part of broader semicap revisions, cutting revenue/EPS by 0.3% for 2025 and 5%/7% for 2026. 2026 revenue is now 7% below consensus, with a projected -3% decline vs. prior +2%, but still better than Oppenheimer’s revised WFE forecast to decline 10% over two years. This reflects worsening macro and policy missteps. WFE doubled from 2019-2024 to $100B. Near-term volatility remains likely, but Lam’s dominant position in dep/etch, leading AI packaging tools, strong management, and disciplined capital returns support long-term value creation, the firm adds.