UBS analyst Timothy Arcuri raised his price target on KLA-Tencor to $165 and kept his Buy rating ahead of its Analyst Day next week. The analyst notes while the spread between the the company's stock and those of its peers is at "historic peers", there is excitement about the earnings power of its recently acquired Orbotech asset.

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.

Evercore ISI analyst Mark Lipacis initiated coverage of KLA Corp. with an Outperform rating and $800 price target. The analyst started coverage of the semicap equipment sector with a positive view on industry fundamentals. The firm thinks four secular drivers have transitioned the group from ex-growth to a high-single digit growth industry, and models wafer fab equipment spending of $220B in 2032, up from $100B levels recently.