UBS analyst Timothy Arcuri said the updated guidance from KLA-Tencor (KLAC) implies accretion from its deal with Orbotech (ORBK) will be a strong if not better than expected. The analyst believes this new asset may be under-appreciated as its more diversified end markets should help KLA-Tencor's multiple. Arcuri reiterated his Buy rating and raised his price target to $135 from $130 on KLA-Tencor shares.

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Sees Q4 revenue $2.5B, +/- $125M, consensus $2.42B.

Reports Q3 revenue $2.36B, consensus $2.31B. "KLA's March quarter results were above our adjusted guidance as customer demand and company execution tracked consistent with our expectations," said Rick Wallace, president and CEO, KLA Corporation. "As we have highlighted over the past few quarters, market conditions have stabilized and we expect our business levels to improve as we progress through the year. We are encouraged by the improvement in our customers' businesses across multiple end markets and this improvement is translating into constructive discussions with our customers about future opportunities for leading edge capacity investments."