KLA Corp. downgraded to Underweight from Equal Weight at Barclays

Barclays analyst Blayne Curtis downgraded KLA Corp. to Underweight from Equal Weight with a price target of $325, up from $260. The analyst rolled out 2024 estimates and became more positive on the semiconductor group but incrementally more negative on semiconductor capital equipment. The firm prefers stocks in 2023 that offer exposure to data center, PC and handset. While the handset market has been correcting since the second half of 2021, softer forecasts for Q1 of 2023 could potentially be "the last major cut," the analyst tells investors in a research note. Barclays believes headwinds in China can shift to tailwinds in the second half of 2023.