KLA-Tencor (KLAC) PT Raised to $85 at Cowen
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Cowen analyst Timothy Arcuri reiterated an Outperform rating and raised his price target on KLA-Tencor (NASDAQ: KLAC) to $85.00 (from $80.00) following results.
Arcuri commented, "You and I have been through that, and this is not our fate; indeed, KLAC is moving past the LRCX deal w/an outlook that is better (Gen 5, 7nm, rising memory process control intensity) than pre-merger when the stock traded mid teens P/E. With estimates now tracking toward our ~$6 for C2017, we think KLAC still represents uncommon upside among SPE stocks at this time. Target to $85 on 13.5x."
Shares of KLA-Tencor closed at $71.99 yesterday.
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