Deutsche Bank Lowers KLA Price Target to $195

Deutsche Bank analyst Melissa Weathers lowered the price target on KLA Corporation (NASDAQ: KLAC) to $195 (from $220) while maintaining a Hold rating.

“For the third quarter in a row, KLAC delivered a frustrating report & guide, with its trademark “skinny beat and raise” seemingly not enough for investors (results/ guide were a tad above the Street and only in-line with DBe).

These results failed to meet lofty investor expectations for a larger 2H26 ramp across the WFE space, and are leading to questions around KLAC’s ability to outperform WFE (Is this an industry issue, or KLAC specific?).

Additionally, KLAC did not signal a meaningful change in its pricing strategy, which likely fell short of more ambitious investor hopes for price increases across the semicap space to address historic levels of demand (we remind investors that opportunistic pricing has rarely ever come into play in past semicap cycles).”

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