Stifel Raises KLA Price Target to $1,910
Stifel analyst Brian Chin raised the price target on KLA Corporation (NASDAQ: KLAC) to $1,910.00 (from $1,700.00) while maintaining a Buy rating.
“KLA reported solid F3Q(Mar) results that modestly exceeded ours/consensus estimates.
Revenue is expected to skew heavily foundry-logic in F4Q(Jun), before swinging back toward memory/DRAM in calendar 2H.
Business conditions broadly continue to strengthen, and KLA now expects industry WFE to exceed $140B (vrs. prior $135-140B forecast).
Against this backdrop, KLA continues to expect a stronger calendar 2H (+15% or more over 1H).
Lead-times for high-end optical inspection have extended toward ~12- mths, and KLA’s visibility into CY27 is improving. As such, KLA expects industry WFE growth in CY27 to accelerate from CY26 levels.
Note however that KLA’s industry WFE growth rate in CY26 is in the high-teens (not mid-high 20s like LRCX), as these companies differ on what WFE was in CY25.
Our estimates, which we raised last month, are revised slightly higher. We maintain our Buy-rating and up our PT to $1,910.”
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