We are upgrading KLAC from Hold to Buy & increasing our PT to $1,800 (36x our new CY27 estimates of ~$50, vs Street's $44). Mix = Tailwind for KLAC Street CY27 expectations (10% revenue growth, broadly in line with our WFE outlook) effectively embed flat KLAC share. We disagree: we model share rising from 8.3% in CY27, implying KLAC continues to outgrow WFE as spend shifts toward leading-edge foundry/DRAM (consistent with KLAC outperforming WFE in 4 of the last 5 years; CY23 the only exception). Under the hood, KLAC's leading-edge Foundry share is ~13% vs ~8% for overall WFE, and we model leading-edge Foundry WFE mix increasing (from 30% in in CY27).