Citigroup hikes Lam Research PT; shares rise

Lam Research

22/01/2026 13:09

** Shares of semiconductor equipment maker Lam Research LRCX.O up 2.4% at $233.76 premarket

** Citigroup raises PT to $265 from $190, a 16% upside to stock's last close

** Says industry remains in a phase 2 upcycle, with 2026 wafer fabrication equipment spending likely tracking toward brokerage's bull-case forecast of $126 billion

** "While LRCX stock has ran up 30% YTD following a string of positive industry updates, our WFE sensitivity analysis shows further upside" - Citigroup

** 23 of 32 brokerages recommend "buy" or higher and 9 "hold"; median PT is $200 - data compiled by LSEG

** LRCX more than doubled in 2025

(Reporting by Arnav Mishra in Bengaluru)

((Arnav.Mishra@thomsonreuters.com;))