Lam Research earns a Buy rating with a 12-month price target of $360–$380, driven by industry leadership and AI-fueled chip complexity tailwinds. LRCX boasts a majority share in global etch, a robust deposition position, and sticky customer relationships, underpinned by high recurring service revenues. Despite a trailing P/E of 63x and insider selling, I believe LRCX's earnings normalization and secular growth justify a premium multiple.