KLA Corporation (KLAC) PT Raised to $380 at Stifel After Management Raised WFE Outlook

Stifel analyst Patrick Ho raised the price target on KLA Corporation (NASDAQ: KLAC) to $380.00 (from $360.00) after management provided a bullish outlook, raising its WFE outlook to “low to mid-20s” growth off a base of $61B with a strong “bias to the upside.”

The analyst reiterated a Buy rating, stating "We believe this outlook is in line with our $76B, which is +27% y-o-y growth off a $60B base in 2020. We believe all segments have seen increases since late last year, but incrementally, the largest increases have come from the foundry/logic segment, which is where KLA is best exposed. In particular, capacity expansion plans by the most advanced foundries have all increased and this is driving additional process control sales (foundry/logic represented 69% of process control revenues in March and is projected to stay elevated at 68% in June)."

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