KLA Corporation (KLAC) PT Lowered to $375 at KeyBanc After Analyst Day

June 17, 2022 3:55 AM EDT
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Price: $303.57 --0%

Rating Summary:
    19 Buy, 10 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 6 | Down: 5 | New: 14
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KeyBanc analyst Steve Barger lowered the price target on KLA Corporation (NASDAQ: KLAC) to $375.00 (from $440.00) after management issued new 2026 target revenue and EPS of $14B and $38 at the company's analyst day.

The analyst reiterated an Overweight rating, stating "Even with that backdrop, we are taking a more conservative approach to our model and price target given mounting evidence that a consumer and industrial slowdown is coming. We acknowledge our predictions around timing and magnitude may be wrong, but we would rather be cautious and wrong than slow and reactive. LT, we think the drivers of Semicap demand are intact, KLAC has a strong competitive position and enviable balance sheet, and valuation is increasingly compelling for LT investors."

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