Stifel Bumps KLA Price Target to $270

Stifel analyst Brian Chin raised the price target on KLA Corporation (NASDAQ: KLAC) to $270 (from $191) while maintaining a Buy rating.

“We expect KLA to modestly exceed our estimates; we model semi process control system revenue $2.5B (+6.4% QQ), slightly above overall revenue which includes service and other equipment.

KLA previously guided for process control sales to skew more heavily foundry/logic at 82% versus 18% for memory, we see this normalizing (~65-70% foundry/logic) by late yr/early next, albeit with both areas remaining strong.”

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