Lam Research stock reaches record high with Bank of America raising price target to $480.

Lam Research (LRCX) shares reached a record high of $410.41 during Monday trading, climbing 8.89% and bringing the semiconductor equipment manufacturer's market valuation to $512 billion. The company has delivered exceptional returns of 292% over the trailing 12 months, driven by robust 27% revenue expansion amid growing demand for semiconductor manufacturing equipment linked to artificial intelligence infrastructure development.

On June 23, Bank of America Securities significantly raised its price target for LRCX from $330 to $480, maintaining its Buy recommendation. This revision followed a 16% rally in the prior month. BofA simultaneously updated its semiconductor industry outlook, now projecting the global chip sector will reach $2.7 trillion by decade's end, up from a previous $2.3 trillion forecast.

Lam's management projects that advanced packaging revenues will surge more than 50% in 2026, driven by high-bandwidth memory requirements and 3D integration demands for AI computing applications. This optimism underpins the broader analyst enthusiasm for the sector.

Cantor Fitzgerald demonstrated particular conviction, raising its price objective to $500 from $425. The firm highlighted the company's expanding market share in semiconductor capital equipment. Mizuho Securities similarly revised its outlook upward to $380 from $330, emphasizing favorable prospects for wafer fabrication equipment with projected continued growth in AI logic and memory segments through 2026 and 2027.

Lam announced a quarterly dividend of $0.26 per share, payable July 8, 2026, to shareholders of record as of June 17. However, InvestingPro analysis indicates LRCX is trading above its Fair Value calculation, categorizing the stock among the most richly valued equities in its coverage universe of over 1,400 US-listed companies. LRCX closed Monday at $409.80.