UPDATE: Needham & Company Upgrades KLA Corporation (KLAC) to Buy
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(Updated - July 30, 2021 7:20 AM EDT)
Needham & Company analyst N. Quinn Bolton upgraded KLA Corporation (NASDAQ: KLAC) from Hold to Buy with a price target of $390.00.
The analyst commented, "After being on the sidelines for over two years since we launched coverage in April 2019, we are upgrading KLAC to a Buy. We now believe KLAC, which has historically underperformed in past WFE upcycles, will be an outperformer in the current WFE upcycle, and will continue to outperform in the next WFE downcycle. We believe the WFE mix shift to foundry/logic, EUV proliferating to DRAM, and INTC (Buy) returning to an annual process technology cadence disproportionately favor KLAC. Meanwhile, the stock has fallen out of favor in recent months and now trades at discount to LRCX (Hold) and AMAT (Buy / Conviction List) on a P/E basis, an aberration rather than the norm from a historical perspective. Consequently, we expect a mean reversion in relative valuation to come KLAC's way. Upgrade to Buy with $390 PT."
Shares of KLA Corporation closed at $319.43 yesterday.
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