KLA Corp. price target lowered to $445 from $505 at Stifel

Stifel analyst Brian Chin lowered the firm’s price target on KLA Corp. to $445 from $505 and keeps a Buy rating on the shares. Calendar year 2023 is a capacity digestion year, but signals have emerged suggesting urgency to add memory and logic/foundry capacity has incrementally softened, the analyst tells investors. Further, Stifel expects electronics supply chain to adopt a more conservative posture this year. The firm, however, advocates for a "glass half-full approach," believing the deeper suppression of supply as an opportunity to lay a more decisive groundwork for a sustained spending recovery in calendar year 2024.