Semiconductor and associated solutions provider KLA Corp. (NASDAQ:KLAC) is stopping sales of certain chips to Chinese clients from tomorrow as the company maneuvers to fall in line with new China shipment rules in the U.S., according to Reuters.
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Additionally, the company is also stopping supply to Chinese units of Intel (NASDAQ:INTC). The U.S. government now requires chipmakers to get a license for the export of semiconductors and equipment to China.
The development comes even as major chipmaking names continue to take a beating on the Street amid falling demand and lower selling prices.
Is KLAC a Good Stock to Buy?
Semiconductor names have been trending lower over the past few weeks and KLAC stock has declined nearly 21% over the past month.
Overall though, analysts have a Strong Buy consensus rating for the stock based on 12 Buys and three Holds.
Further, the average analyst price target of $401.87 indicates a potential upside of 42.26% for KLA stock.
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