Wells Fargo upgrades KLA Corp. to Overweight, raises target to $1,600

As previously reported, Wells Fargo upgraded KLA Corp. (KLAC) to Overweight from Equal Weight with a price target of $1,600, up from $1,250. Although semi cap is now a consensus long and has outperformed year-to-date, the firm thinks the group can continue to work as Wells expects demand data points to suggest a further tightening of logic and memory supply / demand dynamics supportive of a WFE acceleration in 2027.