KLA-Tencor (KLAC): Raising PT to $86 - Needham
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Needham & Company analyst, Edwin Mok, reiterated his Buy rating on shares of KLA-Tencor (NASDAQ: KLAC) and increased the price target to $86 from $84 after KLAC reported strong F1Q17 (Sep) results and provided higher F2Q17 (Dec) guidance.
The analyst believes the report confirms the growth thesis on KLAC, which is based on strong adoption of new products and growth in foundry/logic. Management sounded upbeat on foundry demand in CY17 as both leading and trailing edge customers adopted its improved product portfolio.
Beyond foundry, strong memory orders in the Dec quarter confirm improving memory demand coupled with increased process control intensity, particularly at 1Xnm DRAM.
KLAC continues to show industry-leading margins, and coupling with our expectation for revenue to outgrow WFE in CY2017, the analyst expects the stock's multiple to expand back to historical ranges. We reiterate our Buy and raise our to $86 from $84.
Shares of KLA-Tencor closed at $71.99 yesterday.
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