KLA Corp. price target raised to $725 from $565 at JPMorgan

JPMorgan analyst Harlan Sur raised the firm’s price target on KLA Corp. to $725 from $565 and keeps an Overweight rating on the shares. The company reported strong December quarter results on broad based strength across all three business segments but guided the March quarter below consensus expectations due to a single customer pushout, the analyst tells investors in a research note. That said, with $10.5B in backlog, customer utilization rates that are starting to rise, and overall improvements in semiconductor supply/demand trends, KLA has confidence on driving quarter-over-quarter growth in the June quarter and through the rest of 2024, says JPMorgan. KLA continues to be the firm’s top pick in semicaps.