Morgan Stanley analyst Joseph Moore initiated coverage of KLA-Tencor with an Equal Weight rating and $160 price target. The substantial run up in the stock over the last 12 months has the shares trading slightly above historical peak EV/sales, even after the recent selloff, noted Moore, who thinks it is hard to make a case for further large upside for the stock. Moore continues to prefer memory stocks over equipment stocks at current valuation levels, he added, although he is "impressed" with KLA-Tencor's overall business.

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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."