Barclays analyst Tom O’Malley upgraded KLA Corp. (KLAC) to Overweight from Equal Weight with a price target of $1,200, up from $750. The firm believes KLA holds a “dominant” position in the process control market, where intensity should rise as a function of technology transitions. While China remains risk to wafer fab equipment, KLA is relatively better insulated from a sales mix percentage exposure and business model standpoint, the analyst tells investors in a research note. Barclays prefers the company in an environment where artificial intelligence compute investments “should be a rising tide.”
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