Morgan Stanley upgraded Lam Research (LRCX) to Overweight and cut the rating of chip equipment maker peer Applied Materials (AMAT) to Equal-weight while raising its wafer fabrication equipment forecast.
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Please disable your ad-blocker and refresh. Entering text into the input field will update the search result below Entering text into the input field will update the search result below Quick Insights Morgan Stanley upgraded Lam Research due to improved forecasts for NAND and sustained system shipment outperformance, along with margin expansion drivers and strong positioning in DRAM and packaging transitions. Morgan Stanley downgraded Applied Materials because growth is in-line with the market in 2027, concerns about China market share persist, and the valuation discount is unlikely to narrow short-term despite expected share gains in 2026.
Revised WFE forecasts signal long-term growth, benefiting Lam and MKS due to strong NAND and packaging cycles, while reflecting mixed prospects for Applied Materials based on market share and segment exposure