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KLA Corp. in spotlight as Citi make top pick; firm also moves Teradyne higher
2024-07-15 20:34
- 泰瑞达(TER) 0
- 科磊(KLAC) 0
- 应用材料(AMAT) 0
- KLA Corp. (NASDAQ:KLAC) was in the spotlight on Monday as Citi named the semiconductor equipment firm as its top pick in the space.
- Shares rose 0.5% in premarket trading.
- KLA's exposure to leading edge wafer fab equipment is expected to grow in the mid to high teens in 2025, analyst Atif Malik said, adding that he has confidence in management's 2026 target. As such, he moved his price target on KLA Corp. to $980 from $760.
- In conjunction, Malik moved Applied Materials (AMAT) and Lam Research (LRCX) to the second and third spots in the wafer equipment space, noting that they still "remain beneficiaries of the rise in deposition/etch spend intensity from gate all around (GAA), backside power, and advanced packaging including HBM/hybrid bonding DRAM megatrends."
- Additionally, Malik said a similar move with Teradyne (NASDAQ:TER), making it the top pick in the small and mid-cap space, citing a "favorable test equipment spend in HBM and networking end markets."
- Malik raised his price target on Teradyne to $185 from $112 and also increased his price target on Nova (NVMI) to $273 from $223.
- Separately, Advanced Energy Industries (NASDAQ:AEIS), Veeco Instruments (VECO) and Cohu (NASDAQ:COHU) were downgraded to Neutral from Buy, as Malik believes the group is "entering late Phase 2 where we are getting more selective and valuation."
- Analysts are largely mixed on Advanced Energy Industries (AEIS). It has no rating from Seeking Alpha authors, while Wall Street analysts rate it a BUY. Conversely, Seeking Alpha's quant system, which consistently beats the market, rates AEIS a HOLD.
More on semiconductor industry
- KLA Corporation: Is Positioned For A Cyclical Upswing Driven By AI
- Teradyne: Valuation Unattractive Despite Expected Recovery
- KLA Corporation (KLAC) NASDAQ Investor Conference Call (Transcript)
- ASML, Applied Materials, others in focus as chip equipment spending should rise: RJ
- KLA Corp., Applied Materials favored by Wells Fargo as semicaps hit all-time highs
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