Stifel raised its price target on KLA-Tencor (NASDAQ: KLAC) to $121.00 (from $114.00) while maintaining a Buy rating, following the company's 2018 first quarter earnings report.

Analyst Patrick Ho notes a positive outlook on shares, commenting that "KLA-Tencor reported 1Q18 (Sept) earnings results that once again exceeded expectations. The company also set a more promising outlook for 2018 wafer fab equipment (WFE) spending and on a company-specific basis, we believe its increased memory exposure will provide a strong stimulus for growth in 2018."