Nomura Securities Starts KLA-Tencor (KLAC) at Neutral

Nomura Securities initiates coverage on KLA-Tencor (NASDAQ: KLAC) with a Neutral rating and a price target of $75.00.

Analyst Romit Shah comments, "We believe that KLA-Tencor is the strongest company in the semi equipment sector and that it should continue to benefit in the near term as customers ramp their processes (3D/20nm) to production and improve yields. However, we believe that the company is less levered to the upcoming tech transitions and that it has fewer levers to improve profitability. Moreover, the increasing scale of Applied Materials could pose a risk to KLAC’s high market share in process control. Our TP of $75 is based on 13x CY15E EPS, plus $13 per share in net cash. CY14E EPS starts at $4.26; C15E EPS starts at $4.72."

For an analyst ratings summary and ratings history on KLA-Tencor click here. For more ratings news on KLA-Tencor click here.

Shares of KLA-Tencor closed at $68.60 yesterday.

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