Lam Research price target lowered to $85 from $88 at Wells Fargo

Wells Fargo lowered the firm’s price target on Lam Research (LRCX) to $85 from $88 and keeps an Equal Weight rating on the shares. The firm notes Lam’s modest beat/raise was better than feared, while near-term China has likely been somewhat de-risked. Shares could remain range-bound until investors receive better clarity on China restriction and rate of 2025 WFE growth, Wells adds.