Bernstein: Lam Research Q1 revenue $8.222 billion, 2027 WFE guidance at least $200 billion

Bernstein notes that first-quarter results slightly exceeded expectations, with gross margins hitting a 20-year high. Second-quarter guidance is constrained by supply chain limitations, with delayed shipments to be made up in the March quarter. Expectations from some buy-side participants of over $250 billion are unrealistic; cleanroom constraints make this target difficult to achieve, while actual demand remains higher than this level. Bernstein maintains an Outperform rating, lowering the price target from $385 to $350.