New York, Jan 23, 2026, 11:46 (ET) — Regular session
Lam Research shares dipped $1.50, or 0.7%, settling at $219.20 in late morning trading on Friday.
Shares of the chip-equipment maker have been drifting lower ahead of its next update. Lam Research scheduled its December-quarter earnings call for Jan. 28. 1
Volatility reigns as Intel’s disappointing forecast weighed on chip stocks, intensifying scrutiny on corporate guidance. Investors are also gearing up for next week’s Federal Reserve meeting, searching for clues on interest rate moves. “Guidance now is more critical than ever,” noted Peter Cardillo, chief market economist at Spartan Capital Securities. 2
Lam fell 3.4% on Thursday, ending at $220.70, even as the wider U.S. market climbed. The stock is still 5.2% below its 52-week high of $232.90, which it hit just the day prior. 3
Several analysts used the recent dip as a chance to boost their positions ahead of earnings. Citi raised its price target on Lam to $265 from $190, sticking with a buy rating. The firm called Lam a “Phase 2 upcycle” play, pointing to wafer-fab equipment spending inching toward its $126 billion bull case for 2026. 4
Deutsche Bank’s Melissa Weathers raised her price target on Lam to $260 from $195, keeping a buy rating intact. The bank anticipates Lam’s next earnings will easily surpass consensus estimates — “Street” means the average analyst forecast. 5
Friday’s session delivered a split among peers. Applied Materials added about 1%, KLA remained flat, and ASML slipped close to 0.7%.
Lam provides deposition, etch, and cleaning tools used in chip manufacturing. Its revenue tends to follow customers’ capital spending patterns, which are often volatile—especially when memory makers tweak their budgets either way.
The setup cuts both ways. A weaker forecast for orders or margins could quickly drag the stock down, while any shift in U.S. chip-tool export rules would add a new layer of uncertainty.
Lam plans to report earnings after the market closes on Jan. 28. 6
