KeyBanc downgraded the stock to sector weight from overweight on account of the company's shares recently exceeding its previous price target of $468.
The semiconductor manufacturing equipment sector undergoing a bottoming process, with a positive inflection not yet visible, according to KeyBanc — meaning further upside for KLA shares is limited. KeyBanc downgraded KLA to sector weight from overweight on account of the company's shares recently exceeding its previous price target of $468. Shares closed near $461 on Thursday, just 1.4% below the that level. Earlier this month, they traded at more than $480.
mountain KLAC in 2023 —CNBC's Michael Bloom contributed to this report.
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