BofA/Merrill analyst Vivek Arya reinstated coverage on KLA-Tencor with a Buy and $140 price target. Arya said KLA-Tencor offers best-in-class shareholder returns, leading industry profit margins, a less cyclical topline, and dominates the process control/yield enhancement industry.

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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."