UPDATE: Piper Sandler Starts KLA Corporation (KLAC) at Neutral
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Piper Sandler analyst Weston Twigg initiates coverage on KLA Corporation (NASDAQ: KLAC) with a Neutral rating and a price target of $338.00.
The analyst comments "KLAC dominates the semiconductor Process Control segment, selling leading-edge metrology, inspection, and software solutions to all semiconductor manufacturers. It has over 50% market share in overall process control, in our view, and over 80% share in core markets, like optical wafer inspection and optical mask inspection, allowing KLA to generate high margins. Long-term tailwinds should remain positive; we believe we’re in an expansionary era in the semiconductor industry, with more compute, memory, and related chips being used in more devices each year. Compute tailwinds such as AI/ML and 5G are just beginning, as are use-cases like Industrial IoT and autonomous vehicles. Still, likely moderate industry digestion by 2023, after rapid expansion in 2021-2022, could limit upside over the next 12 months."
Shares of KLA Corporation closed at $320.41 yesterday.
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