Credit Suisse Upgrades KLA-Tencor (KLAC) to Outperform
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Credit Suisse upgraded KLA-Tencor (NASDAQ: KLAC) from Neutral to Outperform with a price target of $85.00 (from $82.00), the analyst sees multiple paths to win and called it a top pick for the second half.
Analyst F. Ahmad commented, "We raise our FY17 EPS to $5.34 from $4.64, increase TP to $85 (from $82), and upgrade rating to OUTPERFORM (from Neutral). While merger with LRCX is unlikely to close in our view, we see the stock as attractive on standalone valuations. Our FY17 EPS of $5.34 is ~11% above the Street, and we see potential for multiple expansion from here, given premium OpM and 3% dividend yield (with potential for dividend increase). We continue to view AMAT/LRCX favorably, but view KLAC as the top pick for C2H16 given near term upside to estimates."
Shares of KLA-Tencor closed at $70.62 yesterday.
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