JP Morgan Maintains Neutral Rating and $43 PT on KLA-Tencor - KLA (NASDAQ:KLAC)

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A report from J.P. Morgan reiterates its Neutral rating and $43 price target on KLA-Tencor (NASDAQ: KLAC).The report states, “Our Neutral rating reflects the net of KT's relatively high margins & dividend program coupled with our belief that the company will benefit less than peer companies that have better overall customer exposure in our view and who also plan significant share repurchase. Our new C11 rev/EPS estimates are $1.27bn/$4.49 vs. previous $3.13bn/$4.56. Our new C12 estimates are $2.63bn/$2.97 vs. previous $2.48bn/$2.82. KLAC currently trades at 3.1x C12E revenue vs. our SemiCap group avg. of 1.8x."KLAC closed yesterday at $47.31.

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