-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师的观点总结如下：我们将LRCX的目标股价上调34美元至314美元，市盈率为30倍（基于2028财年6月预期每股收益），高于LRCX三年平均市盈率（约20倍），主要受人工智能利好因素和NAND闪存需求增长的推动。我们将2026财年每股收益预期上调0.43美元至5.72美元，2027财年上调1.25美元至8.08美元，2028财年上调2.08美元至10.45美元。NAND闪存的前景正在改善，部分原因是其在人工智能生态系统中的重要性日益凸显，尤其是在与NVIDIA最新计算架构集成时，因为人工智能推理对动态存储的需求越来越高。为此，LRCX将客户NAND闪存设备支出400亿美元的预测从“未来几年”提前至“2027财年结束前”，我们认为这一重大调整将显著提升2027财年和2028财年的业绩预测。尽管LRCX在中国的业务占比仍然较高（占3月至季度销售额的34%），但其业绩仍易受出口管制收紧（例如《MATCH法案》提出的措施）以及自给自足计划的影响。不过，我们认为LRCX在中国的后发性业务占比应该相对安全，因为全球领先的尖端技术/人工智能需求仍然是更大的投资热点。
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