On July 30, KLA-Tencor rose 3.31% in pre-market trading, trading at approximately $175.69/share, with turnover of $4.18 million. The stock is staging a technical rebound following a sharp post-earnings selloff that saw shares plunge over 9% in the prior session despite beating expectations.
On the news front, JPMorgan raised its target price on KLA-Tencor to $238, while RBC highlighted the company is benefiting from secular growth in process control intensity and double-digit growth in its Services segment. Management also raised its wafer fab equipment market forecast. Berenberg adjusted its target to $230 from a pre-split equivalent, maintaining a Buy rating. The analyst consensus mean target stands at $237.63.
KLA-Tencor reported record Q4 fiscal revenue of $3.66 billion, up 15% year-over-year and above the $3.6 billion consensus. Adjusted EPS of $1.05 beat estimates by 5%. Despite the strong results, prior profit-taking had driven shares down sharply given the stock's 57% year-to-date gain heading into the report, creating an oversold condition now attracting buyers.
(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.)
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