Credit Suisse Upgrades KLA-Tencor (KLAC) to Outperform
- Wall Street dips as investors digest earnings
- AT&T (T) Said to Discuss Idea of Takeover in Time Warner (TWX) Meetings
- UPDATE: Qualcomm (QCOM), NXP Semiconductors (NXPI) Deal Could be Announced Next Week - Bloomberg
- Tesla (TSLA) Announces Self-Driving Hardware for All Vehicles in Production; Includes Model 3
- Walgreens Boots Alliance (WBA) Tops Q4 EPS by 8c; Guides FY17 EPS
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Needham & Company Cuts Price Target on Syntel, Inc. (SYNT) Following Weak 3Q
- Jefferies Cuts Price Target on Genuine Parts (GPC) to $95 Following 3Q Report
- Halliburton (HAL) PT Raised to $61 at Nomura Following Q3
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change, Hot Upgrades, Upgrades
Related EntitiesCredit Suisse, Definitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!