JPMorgan analyst Harlan Sur reinstated coverage of KLA-Tencor with an Overweight rating and $160 price target following a period of restriction. The company remains the clear leader in advanced silicon process control / manufacturability systems for the semiconductor industry and, with Orbotech in the fold, is also a leader in process control / manufacturability and repair for the advanced printed circuit board, advanced flat panel display, and advanced packaging markets, Sur tells investors in a research note. Despite the year-to-date rally, the analyst continues to expect "significant upside" from here and recommends accumulating the shares.