On July 31, KLA Corporation rose 3.69% in regular trading, trading at $186.32/share, with turnover of $193 million. The stock extended its post-earnings oversold rebound, supported by continued broker target price upgrades and semiconductor equipment sector momentum.
On the news front, Argus raised its target price on KLA from $195 to $225 while maintaining a Buy rating. Previously, JPMorgan had already lifted its target to $238. RBC noted that KLA is benefiting from secular growth in process control intensity and double-digit growth in its Services segment, with management raising wafer fab equipment market forecasts.
KLA reported record Q4 fiscal revenue of $3.66 billion, up 15% year-over-year, with adjusted EPS of $1.05 beating consensus by 5%. Despite the beat, the stock had previously plunged over 9% as investors locked in profits following a cumulative year-to-date gain exceeding 57%. The recent selloff created conditions for a technical rebound now underway. Sector peers also rallied broadly, with Lam Research up 4.81%, Applied Materials up 4.72%, and Teradyne up 4.39%.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
Comments