UPDATE: Cowen Downgrades KLA Corporation (KLAC) to Market Perform; 'Fairly Valued Tactically'

July 9, 2020 6:24 AM EDT
Get Alerts KLAC Hot Sheet
Price: $389.56 -0.3%

Rating Summary:
    19 Buy, 10 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 2 | Down: 23 | New: 24
Join SI Premium – FREE
(Updated - July 9, 2020 7:46 AM EDT)

(updated to add analyst comments)

Cowen analyst Krish Sankar downgraded KLA Corporation (NASDAQ: KLAC) from Outperform to Market Perform with a price target of $200 (from $178), saying shares are fairly valued tactically.

The analyst commented, "We are downgrading KLAC from an Outperform rating to Market Perform. As the mix of WFE spending shifts towards memory from foundry/logic over the next 12 months or so, on a relative basis, we prefer AMAT & LRCX over KLAC (& ASML). So we would step to the sidelines on KLAC. The company's product momentum remains strong but stock upside relative to a $15 LT earnings power is not as attractive."

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

Shares of KLA Corporation closed at $204.51 yesterday.

You May Also Be Interested In

Related Categories

Analyst Comments, Downgrades

Related Entities

Cowen & Co, Earnings