Morgan Stanley is turning bearish on Lam Research . The bank downgraded the semiconductor stock to an underweight rating from equal weight. Analyst Shane Brett accompanied the move by cutting his price target to $92 from $94, signaling 8% downside from Friday's close. While Lam Research outperformed in 2024 and 2025, Brett doesn't expect this growth to be sustained into next year. One of the company's biggest growth drivers was its outperformance in the China marketplace, but Brett believes further share gain looks "tough" from here. LRCX YTD mountain LRCX YTD chart "We don't think there is anything fundamentally wrong with LAM; it's just hard to see LAM outgrowing WFE [water fab equipment market] in 2026, and expect relative share performance to lag as a result," Brett wrote. "Despite our

See Full Page