UBS Boosts PT on KLA-Tencor (KLAC); Order Miss Expected, Will Be More Leveraged to Foundry

October 26, 2012 1:31 PM EDT Send to a Friend
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Price: $69.58 +2.70%

Rating Summary:
    10 Buy, 13 Hold, 2 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 21 | Down: 43 | New: 52
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UBS keeps its Buy rating on KLA-Tencor (NASDAQ: KLAC), while trimming its price target from $60 down to $56.

UBS said that KLA met internal EPS and revs expectations, but shipments and orders were at the low-end of expectations. The firm said NAND orders out of Taiwan were down about 63 percent from the prior quarter, so no surprise from the order number reported.

On guidance, UBS thinks KLA will be more levered to foundry customer CapEx at the next 20-nm node, which should help it to outgrow the industry.

UBS moves FY13 EPS from $4.60 to $2.95 and FY14 EPS from $4.55 down to $4.20.

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 $47.14 yesterday.


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