Lam Research FY27Q1营收/EPS双超预期但12月季度指引仅微超预期，盘前因高预期落空重挫约10%

Lam Research ( LRCX ) shares fell 9% after the chipmaking equipment supplier's December-quarter outlook failed to meet high investor expectations, with analysts seeing supply constraints limiting its ability to capitalize on strong demand. Needham said supply-chain issues affecting multiple components had constrained the December-quarter outlook on which it lowered price target by $100 to $290. "Shares are under pressure given relative high expectations for a more material beat / raise. While supply chain dynamics will be a key focus, we remain positive on Lam's ability to outperform WFE looking into 2027 & remain buyers of shares," Wells Fargo analysts said. "Supply constraints appear to be limiting NT upside to an extent as demand environment continues to be strong," said RBC analysts. The brokerage reiterated its Outperform rating, citing strong visibility into 2027 and expectations that Lam's systems revenue would outgrow the broader market for a second consecutive year. Morgan Stanley said the outlook miss could reset expectations for semiconductor equipment makers, shifting investor focus toward factors that could constrain further growth. The brokerage cut its price target to $339 from $385 amid supply constraints, while suggesting the pressures could benefit equipment component suppliers as manufacturers rebuild inventories. The company forecast second-quarter revenue of $8.6B, plus or minus $400M, compared with the $8.54B analyst consensus. Adjusted earnings are expected to be $2.33 per share at the midpoint, slightly above estimates of $2.32. Lam reported fiscal first-quarter adjusted earnings of $2.20 per share, beating estimates by 2 cents. Revenue rose 54.5% from a year earlier to $8.22B, exceeding expectations by $80M.