KLA Tencor (KLAC) this afternoon posted FY Q1 results that topped Street estimates.
For the quarter, the semiconductor equipment maker reported revenue of $682 million and non-GAAP profits of 99 cents a share, ahead of the Street at $647.3 million and 86 cents.
“Orders were strong, backlog increased and we delivered outstanding [...]
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KLA Tencor (KLAC) shares are trading modestly lower this morning after Citigroup analyst Timothy Arcuri cut his rating on the stock to Sell from Hold.
Arcuri points to yesterday’s disappointing guidance from Teradyne (TER) as evidence that orders could he at a peak. While he says the company’s Q3 results – [...]
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Turning cautious on the semiconductor capital equipment sector, Barclays Capital analyst C.J. Muse this morning reduced his ratings on a host of companies in the sector:
He cut his ratings on KLA-Tencor (KLAC), Cymer (CYMI), Brooks Automation (BRKS) and LTX-Credence (LTXC) to Equal Weight from Overweight.
He cut Verigy (VRGY) to Undeweight, [...]
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KLA-Tencor (KLAC)
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KLA-Tencor (KLAC) shares are trading higher this morning after Credit Suisse analyst Satya Kumar upped his rating on the stock to Outperform from Neutral, from maintaining a $40 price target on the stock, which closed yesterday at $28.66.
Kumar notes that KLAC shares have underperformed the semiconductor capital equipment index by [...]
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RBC Capital analyst Mahesh Sanganeria this morning raised his rating on KLA Tencor (KLAC) to Sector Perform from Underperform, increasing his price target on the shares to $36, from $32. The move is part of Sanganeria taking a more constructive view on the semiconductor equipment sector overall.
“While a slowdown in [...]
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Oppenheimer analyst Gary Hsueh this morning downgraded his ratings on both KLA-Tencor (KLAC) and Lam Reserarch (LRCX), citing signs of weakness observed on a recent trip through Asia.
On KLAC, he goes to Underperform from Perform; on LRCX he goes to Perform from Outperform.
“Right off the bat on our quarterly trip to Asia, things weren’t smelling right for semi cap equipment,” he writes in a research note. “decent sell-through in China during the Lunar New Year week in February, and better-than-expected February retail sales in the U.S. appear to justify slightly the inventory creep for semis in Q2, and DRAM remains tight. Yet, for semi cap equipment, there is no getting around the issue of customer concentration.” And he says checks find front-end semi equipment companies are facing a 15-20% Q2 drop in orders as Taiwan Semiconductor (TSM) cuts purchasing to zero in Q2 and Q3. So while he still likes the group long-term, he adds that “we have to face reality.”
For LRCX, he also cuts his June 2011 EPS forecast to $2.82, from $4.25, and chops his price target to $35, from $55.
For KLAC, his June 0211 estimate drops to $2.02, from $2.80. His target is now $25, down from $37.
He also trims estimates for Applied Materials (AMAT): for the October 2010 year, he goes to 83 cents, from $1, while for FY 2011 he now sees $1.29, down from $1.50. His target price drops to $17, from $20.
In today’s trading:
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