Bernstein analyst Stacy Rasgon initiated coverage of KLA Corp. (KLAC) with an Outperform rating and $1,700 price target The firm believes the company can grow revenue low double digits and earnings mid double digits over the next several years. While the stock’s valuation is “elevated,” KLA deserves a premium relative to peers given its structural growth drivers, competitive position with less China replacement risk and attractive financial model, the analyst tells investors in a research note.
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