Jefferies analyst Blayne Curtis downgraded KLA Corp. (KLAC) to Hold from Buy with a price target of $725, down from $875 as part of a broader research note refreshing the firm’s WFE semiconductor outlook ahead of Q1 earnings. The firm expects strong DRAM and beginning of NAND recovery, albeit off a low base, the analyst tells investors in a research note. Jefferies adds however that Leading edge growth looks to be relatively priced in with the stock trading at the highest multiple based while the company also has the highest China exposure among its peers.
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