Credit Suisse analyst Farhan Ahmad raised his price target for KLA-Tencor to $113 from $100 after the company reported/and guided Q1 and Q2 revenue and EPS above estimates. The analyst notes that KLA-Tencor also provided a stronger 2H17 outlook, with shipments now expected to grow relative to 1H17. Ahmad reiterates an Outperform rating on the 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."