Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTAbdul RahmanMon, June 29, 2026 at 1:58 PM GMT+2 2 min readLam Research Corporation (NASDAQ:LRCX) is one of the best growth stocks to buy according to billionaire Dan Loeb. On June 23, Bank of America raised its price target on Lam Research Corporation (NASDAQ:LRCX) to $480 from $330 while maintaining a Buy rating.Lam Research (LRCX): BofA Raises Its Target by $150 as Chip Equipment Spending Heads Toward $250 Billion Portogas D Ace/Shutterstock.comLead analyst Vivek Arya said the price target hike was necessary to align with the firm's update to its semiconductor industry models. As part of the update, Arya and team identified five forces they believe will drive the next $1 trillion in chip industry revenues, which cover AI data centers, memory, semiconductor capital equipment, and reshoring, analog chips, and agentic CPU demand.A key factor in the price target upgrade was BofA's revised forecast for wafer fabrication equipment (WFE) spending, the market in which Lam Research is a major player. The firm now projects the WFE spending to reach $250 billion by 2028, up from an earlier estimate of $203 billion. The spending can climb to $292 billion by 2030, the analysts noted.From the perspective of the broader semiconductor industry, BofA now projects total chip sales of $2.7 trillion by 2030, up from a prior estimate of $2.3 trillion. This implies a 28% compound annual growth rate from 2025 levels. The firm expects memory to be the single largest driver of this growth; it expects it to grow nearly 300% this year alone.Lam Research Corporation (NASDAQ:LRCX) is a semiconductor equipment manufacturer. It supplies wafer fabrication equipment and services to the semiconductor industry. The company specializes in etch and deposition technologies used in the production of advanced memory and logic chips.While we acknowledge the potential of LRCX as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.READ NEXT: 10 Best Fast Growth Stocks to Buy According to Hedge Funds and 15 Best AI Stocks Under $10 to Buy Now.Disclosure: None. Follow Insider Monkey on Google News.Terms and Privacy PolicyEU DSA contactPrivacy & Cookie SettingsMore Info