Lam Research price target raised to $100 from $92 at BofA

BofA raised the firm’s price target on Lam Research (LRCX) to $100 from $92 and keeps a Buy rating on the shares ahead of Analyst Day. The firm believes it is a high-quality cyclical growth stock levered to long-term AI-driven WFE complexity drivers, where the upcoming presentation could illuminate path for steady mid-teens EPS growth amidst a growing recurring revenue base, which can fund strong capital returns over time. While not anticipating major updates to the near-term view, the firm expects management to provide a refreshed 3-year operating model relying on sensitivities to 5%-10% WFE growth with emphasis on how new product-driven SAM expansion and install base value capture could drive industry outgrowth.