Susquehanna Cuts Price Target on KLA-Tencor (KLAC) Following Strong 1Q

October 24, 2016 9:13 AM EDT
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Price: $81.56 --0%

Rating Summary:
    12 Buy, 13 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 18 | Down: 13 | New: 9
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Susquehanna maintained a Neutral rating on KLA-Tencor (NASDAQ: KLAC), and cut the price target to $70.00 (from $77.00), following the company's 1Q earnings report. Reported revenue of $751M exceeded consensus of $733M and was at the high end of guidance ($695-$755M). EPS of $1.16 exceeded consensus of $1.04. The beat was driven primarily by a 230bp beat on GM and a better tax rate of 20%,

Analyst Mehdi Hosseini commented, "We are updating our estimates following KLAC's earnings report and guide. Consistent with the company's guide, our revenue estimate for the first half of calendar 2017 is about 7% higher than in second half of calendar 2016. However, our CY17 EPS estimate remains unchanged at $4.77 vs. the current consensus of $4.90."

For an analyst ratings summary and ratings history on KLA-Tencor click here. For more ratings news on KLA-Tencor click here.

Shares of KLA-Tencor closed at $73.64 yesterday.

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