Citigroup Cuts Lam Research (LRCX) Price Target to $435

Citigroup reaffirmed its Buy rating on Lam Research Corporation NASDAQ:LRCX on October 22, 2026, while adjusting its price target down from $450.00 to $435.00. The research note from the firm comes as Wall Street digests the chip equipment maker's latest financial results and market conditions.

LRCX Lam Research Corporation

$230.15 ▲ +24.74% year to date

1M 3M YTD

Daily close · Oct 22, 2026

Citigroup's Call on Lam Research

On October 22, 2026, Citigroup maintained its positive stance on the semiconductor equipment firm with a Buy rating while lowering the target price to $435.00 from its previous target of $450.00. Other firms weighed in on the same day, with UBS maintaining a Buy rating and lowering its target to $400.00 from $425.00, Morgan Stanley maintaining an Overweight rating and lowering its target to $339.00 from $385.00, Mizuho maintaining an Outperform rating and cutting its target to $360.00 from $365.00, and Needham maintaining a Buy rating while lowering its target from $390.00 to $290.00. Wall Street currently maintains a consensus recommendation key of strong_buy for the stock, with a mean price target of $376.77 across 30 analyst opinions.

Lam Research Corporation Stock Down 12.6%

Shares of Lam Research recently traded around $230.16 as of October 22, 2026, sitting close to the stock's closing price of $230.15 on the day of the analyst update. The stock has experienced a pullback, trading about 24.9% below its 50-day moving average of $306.45 and about 18.7% below its 200-day moving average of $283.18. The share price sits well below its 52-week high of $438.50 while holding above its 52-week low of $135.50.

Recent Earnings

Lam Research reported trailing-twelve-month revenue of $23.23 billion alongside basic earnings of $5.76 per share. The company delivered a net profit margin of 31.3% and a return on equity of 65.1%, backed by a year-over-year revenue growth rate of 30.0%. The strong profitability metrics underscore the firm's position in the semiconductor manufacturing equipment space despite broader industry volatility.

Dividend

Lam Research pays an annual dividend rate of $1.32 per share, translating to a dividend yield of 0.51%. The company maintains a conservative dividend payout ratio of 18.1% of its earnings.

Insider Buying and Selling at Lam Research Corporation

Several company insiders completed stock sales prior to the analyst update. On August 31, 2026, officer Ava Harter sold 5,000 shares at an average price of $302.46 for a total value of $1.51 million. Shortly after, on September 2, 2026, officer Seshasayee Varadarajan sold 59,750 shares at $291.32 per share, totaling $17.41 million. Chief Executive Officer Timothy M. Archer sold 30,000 shares on September 9, 2026, at $319.26 per share for a total of $9.58 million. On the same day, director Bethany J. Mayer sold 9,557 shares at $314.74 per share, realizing about $3.01 million.

About Lam Research

Headquartered in Fremont, California, Lam Research Corporation designs, manufactures, and services advanced semiconductor processing equipment. Its fabrication systems are used globally to build integrated circuits, supporting major chipmakers in the United States, Asia, and Europe.

Bottom Line

Citigroup's decision to keep its Buy rating while trimming its target reflects an evolving outlook on the chip equipment sector. Investors will monitor upcoming earnings reports and supply chain trends for further direction on the stock.