# BofA, Needham Cut Lam Research Targets After Supply Warning By John Kim Canonical URL: https://www.tokenpost.com/news/business/38567 Published: 2026-10-23T01:47:52.000Z Updated: 2026-10-23T01:47:52.000Z Section: Business > Both firms maintained Buy ratings as Lam forecast $8.60 billion in December-quarter revenue, with a $400 million range on either side. BofA Securities and Needham cut their Lam Research price targets on Thursday, Oct. 22, while keeping Buy ratings, after the chip-equipment maker's December-quarter outlook included supply constraints. BofA's target is now $345, down from $385. Needham set its target at $290, compared with $390 previously. The firms kept their ratings unchanged. Lam forecast revenue of $8.60 billion for the quarter ending Dec. 27, with a $400 million range above or below that figure. It projected non-GAAP diluted earnings of $2.33 per share, plus or minus 15 cents. Chief Financial Officer Douglas Bettinger said the revenue outlook would have been “a bit higher” without near-term supply constraints the company is managing. For the quarter ended Sept. 27, Lam posted revenue of $8.22 billion, up 22% from the previous quarter, and non-GAAP diluted earnings of $2.20 per share. Lam put the wafer-fabrication equipment market in the mid-$150 billion range for 2026 and above $200 billion for 2027, extending its [outlook for wafer equipment spending](). The company also projected 2026 systems revenue growth of well over 40% and said customers had visibility through 2028. Lam described the industry as being in the early stages of a multiyear investment cycle. ## Links in this article - [outlook for wafer equipment spending](https://www.tokenpost.com/news/business/38310)