11:42 AM EDT, 10/23/2025 (MT Newswires) -- Lam Research ( LRCX ) posted record fiscal Q1 2026 results, beating Wall Street estimates and issuing strong guidance, driven by surging global investment in artificial intelligence infrastructure, Oppenheimer said in a note Wednesday.

The brokerage lifted its 2026 revenue and earnings per share estimates by 10% and 15%, respectively, describing Lam as a "must-own" AI play, even after its stock has nearly doubled this year.

The company remains a leader in 3D stacking and memory, vital for AI scaling, Oppenheimer said, citing its strength in through-silicon via and advanced packaging and growing share in NAND and DRAM tools.

The semiconductor equipment manufacturer reported fiscal Q1 revenue of $5.32 billion, up 28% year over year, with earnings beating estimates and $1.59 billion free cash flow funding $1.3 billion in buybacks and dividends, the report said.

Oppenheimer maintained its outperform rating on the stock and raised its price target to $200 from $120.

Shares of Lam Research ( LRCX ) were up 3.4% in recent Thursday trading.

Price: 146.02, Change: +4.77, Percent Change: +3.38