KLA Corp. initiated with an Outperform at Evercore ISI

Evercore ISI analyst Mark Lipacis initiated coverage of KLA Corp. with an Outperform rating and $800 price target. The analyst started coverage of the semicap equipment sector with a positive view on industry fundamentals. The firm thinks four secular drivers have transitioned the group from ex-growth to a high-single digit growth industry, and models wafer fab equipment spending of $220B in 2032, up from $100B levels recently.