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Technology Stocks : KLA-Tencor Corporation (KLAC)
KLAC 1,209-0.5%Oct 31 9:30 AM EST
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To: SemiBull who wrote (1756)1/23/2004 9:27:39 AM
From: Proud_Infidel  Read Replies (1) of 1779
 
KLAC upped to Sector Perform at CIBC; tgt $85 (60.81 )

CIBC upgrades KLA-Tencor to Sector Perform from Sector Underperform based upon strong leverage in 2Q/Dec results and 3Q/March guidance. Firm raising CY04 est to $1.70 from $1.30, and initiating CY05 with $2.56 est. While long-term competitive pressures remain, near-term urgency to add high-end capacity with high yields increases the appeal of co's proven offerings, and firm believes is providing with robust pricing power into a bookings ramp-up 50% Q/Q to 1.50 Btb. With visibility now extended into 3Q:C04, firm expects multiple expansion as investors gain confidence to the magnitude and potential duration of this cycle. Price tgt goes to $85 from $54.
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