RBC Capital Raises KLA Price Target to $1,700

RBC Capital analyst Srini Pajjuri raised the price target on KLA Corporation (NASDAQ: KLAC) to $1,700.00 (from $1,600.00) while maintaining a Sector Perform rating.

“KLA’s results were ahead while its Jun-26Q outlook was broadly inline. Management slightly raised 2026 WFE forecast and expects 2027 growth to accelerate based on improving visibility.

KLAC is benefiting from secular increase in process control intensity and its Services segment is sustaining double-digit growth.

On the other hand, limited upside to C2Q/CY26 outlooks is a surprise given the strong WFE backdrop (likely due to lower DRAM exposure than peers and lack of new process node development at TSM this year).

At 39x CY26 P/E, we do not see many immediate catalysts and maintain Sector Perform.”

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