As previously reported, Needham analyst Y. Edwin Mok upgraded KLA-Tencor to Strong Buy from Buy based on increased yield challenges at leading-edge fabs and new product adoptions driving outperformance in 2017. The analyst expects the company to deliver more consistent revenue growth than peers with higher exposure to 3D NAND. He also raised his price target on the shares to $95 from $86, while highlighting KLA-Tencor as his top 2017 pick in the SemiCap group.

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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."