Zacks Investment Research upgraded shares of KLA-Tencor Corporation (KLAC) from UNDERPERFORM to NEUTRAL on September 25, 2014, with a target price of $85.00.
KLA is one of the leading suppliers of inspection and metrology products and services. The company's fiscal fourth quarter results missed the Zacks Consensus Estimate by 10 cents and forward guidance disappointed, weakened by longer-lead time orders. KLA's comprehensive product line, cost reduction initiatives and strong balance sheet remain positives that will generate growth whenever cyclical pressures permit. Therefore, we believe that despite the competition and concentrated customer base that increase execution risk, the increasing process control spend across foundry, memory and logic players through 2015 will enable KLA to deliver stronger results. We are therefore upgrading the shares from Underperform to Neutral.
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