KLA-Tencor (KLAC) PT Raised to $96 at Cowen; Reiterates Outperform
Cowen raised its price target on KLA-Tencor (NASDAQ: KLAC) to $96.00 (from $85.00) while maintaining a Outperform rating.
Analyst Timothy Arcuri commented, "Record orders, rapidly growing memory exposure (even before new 3D NAND yield solutions in 2H:17), and a burgeoning foundry/logic cycle - solid all the way around. The Q has now become EPS power; given these WFE levels, ~$6.50 is possible in C2017 w/~$7.50 possible in '18. 15x (hardly heroic based on history) = $96 on C2017 w/upside from there if our model proves right. Target to $96, Outperform."