Why KLA Corporation Stock Edged Past the Broader Market Today
An analyst increased his price target on the company by 25%.
Why KLA Corporation Stock Edged Past the Broader Market Today
Overview
A substantial analyst price target increase was the impetus behind KLA Corporation's (NASDAQ: KLAC) market-beating Wednesday. Although the semiconductor diagnostics company's shares still landed in the red that trading session, with a 0.2% decline, they performed better than the benchmark S&P 500 index, which fell by 1.6%.
That raiser was Cantor Fitzgerald's C.J. Muse, who lifted his fair value assessment for KLA by 25% in advance of the company's 10-for-1 stock split (slated to occur this coming Friday). It's now $2,000 per share, up notably from his previous price target of $1,600. He maintained his overweight (read: buy) recommendation on the highly specialized chip stock.
Image source: Getty Images.
Details
Source
Originally published at www.fool.com.
