B. Riley raised the firm's price target on Lam Research to $385 from $350 and keeps a Buy rating on the shares. AI investment is accelerating faster than expected, with rising demand from hyperscalers and neo-cloud providers driving sharply higher 2026-2028 capex estimates, while new workload trends and major model providers are increasing chip intensity and tightening supply-demand fundamentals, supporting strong semiconductor EPS revisions and elevated sector valuations despite recent volatility and comparisons to past tech cycles, the analyst tells investors in a research note.
