KLA (KLAC) faces short-term volatility, while prospects for boosting chip yields, "strong management and disciplined capital returns support long-term value creation," Oppenheimer said Friday in a report.
Oppenheimer cut KLA's 2026 fiscal year earnings estimate by 10% with the revenue outlook down 9% as part of a broad revision tied to a projected 10% decline in wafer fabrication equipment spending over the next two years.
The investment bank reiterated its outperform rating on KLA stock for "patient investors willing to ride out industry turbulence."
"Near-term volatility warrants a valuation reset" with the price target cut to $700 from $850, the report said.
Still, in a "grind-it-out market," large caps such as KLA are favored for their balance sheets, stable service revenue and dividends and buybacks, Oppenheimer said.
KLA shares fell 0.8% in recent Friday trading.
Price: 651.54, Change: -5.12, Percent Change: -0.78
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