Lam Research (LRCX) fell ~3% in premarket after Morgan Stanley cut its rating to Underweight from Equal-Weight, slashing the target to $92. The brokerage warned of slowing growth in China and NAND wafer equipment, with shipments seen decelerating to 3% in 2026 from 82% in 2025. Retail sentiment on Stocktwits stayed bearish despite LRCX's 40% YTD gains.