On July 31, KLA-Tencor rose 3.02% overnight, trading at $185.77/share, with turnover of $992,100. The stock continues its recovery after a sharp post-earnings selloff, supported by a wave of analyst upgrades.
On the news front, Argus raised its price target on KLA-Tencor to $225 from $195 while maintaining a Buy rating, following JPMorgan's upgrade to $238. RBC noted the company is benefiting from secular growth in process control intensity and double-digit growth in its Services segment, with management raising its wafer fab equipment market forecast. KLA-Tencor had previously dropped over 9% despite reporting record Q4 revenue of $3.66 billion, up 15% year-over-year, and adjusted EPS of $1.05, beating estimates by 5%. The selloff was attributed to profit-taking after a 57% year-to-date gain. The consensus mean price target now stands at $236.38 with an overweight average rating.
Within the Semiconductor Equipment sector, peer stocks also traded higher, with Applied Materials up 3.92%, Lam Research up 3.12%, Teradyne up 2.60%, and ASML up 1.83%.
(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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