After a sharp, sector-wide selloff, Lam Research shares had declined over the past three months. Cantor Fitzgerald analyst C.J. Muse set a $500 price target, the highest on Wall Street.
That target implies nearly 90% upside from Lam’s October 19 price of approximately $264. The company is scheduled to report quarterly earnings on October 21.
The recent decline was attributed to a broad market rotation, not company-specific issues. Deutsche Bank also raised its price target that day, citing strong demand expectations for memory and advanced processors.