UPDATE: Deutsche Bank Upgrades KLA Corporation (KLAC) to Buy

June 9, 2021 5:46 AM EDT
Get Alerts KLAC Hot Sheet
Price: $353.71 -0.03%

Rating Summary:
    13 Buy, 14 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 22 | Down: 26 | New: 45
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(Updated - June 9, 2021 6:43 AM EDT)

Deutsche Bank analyst Sidney Ho upgraded KLA Corporation (NASDAQ: KLAC) from Hold to Buy with a price target of $375.00.

The analyst comments "While headlines for semicap equipment spending have continued to improve in the past few months, KLAC's stock price has meaningfully underperformed its large cap semicap peers during this period (2Q QTD return for KLAC of -5% vs. peer group +5%) despite capex strength coming from foundry/logic where KLAC is overexposed. Currently, KLAC is one of the most reasonably valued stocks (along with AMAT) among large cap peers trading at ~17x our CY22E EPS. While valuation multiples for the group have compressed since the end of 1Q as investors seem to be cautious on capex reaching a cyclical peak in CY22, KLAC has seen its multiple compress more than its peers, which we also think is unjustified."

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 $313.80 yesterday.

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