UPDATE: PiperJaffray Reiterates Overweight Rating, Raises PT for KLA-Tencor

In a company note issued earlier today, PiperJaffray reiterated its Overweight rating for KLA-Tencor Corporation

and raised its price target from $59.00 to $62.00. PiperJaffray went on to say “While the order outlook for June'12 qtr is modest, with $1.3bn in systems backlog, $2.3bn in cash in the balance sheet and continued share buyback (repurchased 1.3m shares in Mar'12), we believe KLA shares remain attractive. Our revised CY12 revenues and EPS are $3,525m ($3,450m previously) and $5.15 ($4.95 previously).” KLA-Tencor Corporation closed at $55.11 yesterday.