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Bear of the Day: KLA-Tencor (KLAC)
by Zacks Equity ResearchDecember 24, 2012 | Comments : 0 Recommended this article: ()
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However, KLA's comprehensive product line, cost reduction initiatives and strong balance sheet remain positives that will generate growth whenever cyclical pressures permit. Of course, rising competition and concentrated customer base increase execution risk.
We are downgrading KLAC shares to Underperform, since material increase in revenues is unlikely in the current environment. Our target price of $44.00 (14.1X P/E) remains a discount to the peer group.