KLA Corp. price target lowered to $832 from $900 at Citi

Citi analyst Atif Malik lowered the firm’s price target on KLA Corp. (KLAC) to $832 from $900 and keeps a Buy rating on the shares. The firm cut its 2025 wafer fab equipment model to $94B from $106B to reflect $9B lower logic spend due to weak mature logic industrial and auto demand, $2B lower NAND due to falling prices, and a $1B reduction in DRAM spend on weak PC demand “with no killer application in sight.” Citi reduced adjust 2025 estimates and price targets as a result.