Lam Research (Lam Research (LRCX)) shares jumped nearly 7% on Thursday as investors piled into semiconductor equipment stocks during a broad technology rally. The Nasdaq gained 1.51%, while the S&P 500 rose 0.68%.

The stock also got a boost from fresh analyst support. Mizuho maintained its Outperform rating and raised its price target to $400 from $380, while TD Cowen kept its Buy rating and lifted its target to $400 from $340. These upbeat analyst actions reinforced optimism about the company's long-term growth prospects, especially as AI-driven semiconductor spending continues to ramp up.

Lam Research Technical Trend Remains Bullish

LRCX continues to trade well above its key long-term moving averages, keeping its broader uptrend intact. The stock remains about 56% above its 200-day simple moving average and roughly 26% above its 100-day moving average. It also trades about 8% above its 50-day moving average.

However, the shares are still about 5% below the 20-day moving average after pulling back from their June peak. That suggests the stock is consolidating rather than reversing its longer-term trend. The relative strength index stands at 50.12, indicating neutral momentum—neither overbought nor oversold. A key technical support level sits near $302.50, where buyers previously stepped in.

AI Spending Keeps Company In Focus

Lam Research is one of the world's largest suppliers of semiconductor manufacturing equipment, specializing in etch and deposition systems used to produce advanced chips. Its customers include major chipmakers, making the company a direct beneficiary of rising semiconductor capital spending, particularly in AI-related memory and logic chip production.

Analysts Remain Positive Ahead Of Earnings

Lam Research is scheduled to report quarterly results on July 29. Wall Street expects earnings of $1.68 per share on revenue of $6.66 billion, compared with earnings of $1.33 per share on revenue of $5.17 billion a year earlier.

Analysts remain broadly bullish. Mizuho raised its price target to $400 on Thursday while maintaining an Outperform rating. Earlier this month, Morgan Stanley lifted its price target to $404 and reiterated its Overweight rating. Susquehanna also increased its price target to $475 in late June while maintaining a Positive rating.

Lam Research Price Action

Lam Research shares were up 6.42% at $354.53 at the time of publication on Thursday, according to market data.