Credit Suisse analyst John Pitzer raised his price target for KLA-Tencor to $170 from $130 following quarterly results as he sees continued upside as investors more fully understand key company specific idiosyncratic drivers, namely core KLA franchise value underappreciated and improving, the addition to Orbotech, and as the company continues to return excess cash to shareholders driving additional leverage to the model. The analyst reiterates an Outperform rating on the shares.

Stifel raised the firm's price target on KLA Corp. to $760 from $685 and keeps a Buy rating on the shares. The firm remains upbeat on the initial areas of pickup - HBM and advanced packaging - and expects to see incremental evidence of this broadening, the analyst tells investors in a semiconductor capital equipment group preview note. With utilization in advanced foundry/DRAM nodes tight and tightening and expected upward pressure on initial 2024 capex forecasts, the firm sees the stage being set for orders picking up in the second half of 2024, the analyst added.