KLA Corp Shares Overpriced Amid Delayed Cyclical Upturn, Says Analyst
Portfolio Pulse from Priya Nigam
Shares of KLA Corp (NASDAQ:KLAC) were slightly higher on Friday, despite a downgrade from KeyBanc Capital Markets. Analyst Steve Barger downgraded the rating for KLA from Overweight to Sector Weight, citing that the shares may be overpriced due to a delayed cyclical upturn in the semiconductor industry. Barger believes that while a cyclical upturn is coming, it's unclear when it will happen, and until then, KLA’s stock valuation is not compelling.
July 07, 2023 | 3:23 pm
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KLA Corp's shares may be overpriced due to a delayed cyclical upturn in the semiconductor industry, according to KeyBanc Capital Markets. The firm downgraded KLA from Overweight to Sector Weight, indicating a neutral outlook.
The downgrade from KeyBanc Capital Markets suggests that the firm believes KLA Corp's shares are overpriced, which could lead to a neutral or negative short-term impact on the stock. However, the analyst also acknowledges a cyclical upturn is coming, which could potentially have a positive impact in the longer term.
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