Lam Research Corporation: F4Q26 (Jun) Preview: Nice house in a nice neighborhood

研报英文原文证据摘录

Lam Research Corporation: F4Q26 (Jun) Preview: Nice house in a nice neighborhood

Deutsche Bank

Research

Rating Company Date

Buy Lam Research 23 July 2026

Results

North America Corporation

United States

Reuters Bloomberg Exchange Ticker Price at 23 Jul 2026 (USD) 319.78

LRCX.OQ LRCX US NSM LRCX

Price target 385.00

TMT

52-week range 410.91 - 24.80

Semicap Equipment

F4Q26 (Jun) Preview: Nice house in a

Valuation & Risks nice neighborhood

Melissa Weathers

Lam Research Corporation (LRCX) is set to report its F4Q26 (Jun-qtr) results after

Research Analyst

market close on Wednesday, July 29th, 2026. A conference call to discuss results +1-212-250-2134

will be held at 5:00pm ET.

DB Take: Expect strong results & outlook ahead of historic WFE cycle

We expect strong results from LRCX this earnings season reflecting continued

momentum for fab buildouts across DRAM & foundry markets. As we wrote in our

2Q26 Semicap Earnings Preview (see note here), we believe already-announced fab

projects globally can support >30% WFE growth over the next two years, with

momentum to the upside if we see continued fab pull-ins. Notably, investor focus

has shifted to the supply environment, with many investors now questioning

potential price increases by semicaps to address this strong demand (e.g., ASML

commentary last week). We expect this dynamic to be largely ASML-specific (more

supply constrained than others), and we highlight that pricing has rarely ever been

used as an upside lever by semicaps in past cycles (pricing actions generally only

impact new products or to offset cost increases). With this said, we acknowledge

that the magnitude of new fab builds (and the visibility of those builds) has never

been higher in the sector, and we expect LRCX's management to find a way to