Nomura Instinet analyst David Wong initiated coverage of KLA-Tencor with a Buy rating and $215 price target. As the secular growth of semiconductor equipment accelerates, the multiple range for chip equipment companies might move toward the high end of past ranges, Wong tells investors in a research note.

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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."