KLA-Tencor (KLAC) Added to Credit Suisse Focus List
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Credit Suisse analyst Farhan Ahmad added KLA-Tencor (NASDAQ: KLAC) to its Focus List, while reiterating in Outperform rating and price target of $85.00.
Ahmad commented, "We reiterate our view that KLAC is very attractive in near term given upside to estimates – our C2H16/CY17 EPS are 10%/7% above Street. Post meetings and calls with investors over last couple of weeks, we walked away with greater conviction that stock is already pricing in the breakup of proposed LRCX merger, and we see significant interest in KLAC from investors. In this note we try to address the three main pushbacks we got from investors: (i) Threat from EBeam – we think Gen 5 will take share from Ebeam inspection. (ii) Sustainability of Foundry Capex – 28nm CapEx from China could be a growth driver in 2018. (iii) Downside in Breakup and Valuations – we believe stock is already pricing in merger and see potential for multiple expansion."
Shares of KLA-Tencor closed at $69.71 yesterday.
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