KLA Corp. price target raised to $660 from $600 at Argus

Argus raised the firm’s price target on KLA Corp. to $660 from $600 and keeps a Buy rating on the shares after its Q2 results. Foundry and logic demand moderated in Q1, after rising 39% in FY23, but Memory demand continues to recover sequentially and grew year-over-year in FY24 in a positive sign for demand recovery, the analyst tells investors in a research note. Global WFE spending declined in low-double-digit percentages in 2023 from 2022 levels, but global WFE growth should resume in 2024, the firm added.