KLA Corp. downgraded to Sector Weight from Overweight at KeyBanc

KeyBanc downgraded KLA Corp. to Sector Weight from Overweight without a price target. The analyst cites valuation for the downgrade with the shares above the firm’s prior $468 price target. The “troughing process is proceeding, but it’s not yet clear a positive inflection is at hand,” the analyst tells investors in a research note. The firm has a positive view toward an eventual wafer fab equipment cycle recovery, but does not see a near-term fundamental catalyst or the valuation support necessary to increase price targets from here.