New York, Jan 23, 2026, 11:46 (ET) — Regular session
Shares of Lam Research slipped $1.50, or 0.7%, to $219.20 during late morning trading on Friday.
The chip-equipment maker’s shares have been sliding ahead of its upcoming update. Lam Research has set its December-quarter earnings call for Jan. 28. (Lam Research Investor Relations)
The scene is volatile. Intel’s weak outlook dragged chip stocks down and sharpened focus on company forecasts, with investors also eyeing next week’s Federal Reserve meeting for hints on interest rates. “Guidance now is more critical than ever,” said Peter Cardillo, chief market economist at Spartan Capital Securities. (Reuters)
Lam dropped 3.4% Thursday, closing at $220.70, despite gains in the broader U.S. market. The stock remains 5.2% shy of its 52-week peak of $232.90, reached just a day before. (MarketWatch)
Several analysts have taken advantage of the recent pullback to increase their stakes ahead of earnings. Citi lifted its price target on Lam to $265 from $190, maintaining a buy rating. The firm dubbed Lam a “Phase 2 upcycle” play, as spending on wafer-fab equipment—the tools chipmakers use to build semiconductors—edges closer to its $126 billion bull case for 2026. (TipRanks)
Deutsche Bank’s Melissa Weathers bumped her price target for Lam to $260 from $195, maintaining a buy rating. The firm expects Lam’s upcoming results to come in well above consensus estimates — with “Street” referring to the average analyst forecast. (TipRanks)
Friday’s session saw a mixed bag among peers. Applied Materials gained roughly 1%, KLA held steady, while ASML dipped around 0.7%.
Lam supplies deposition, etch, and cleaning equipment for chip production. Its sales closely track customers’ capital expenditures, which can shift quickly—particularly as memory manufacturers adjust their budgets up or down.
But the setup goes both ways. A weaker forecast for orders or margins could weigh on the stock fast, while any change to U.S. chip-tool export policies would bring fresh uncertainty to the table.
Lam is set to release its earnings report after the market closes on Jan. 28. (Nasdaq)
