Piper Jaffray Initiates Coverage on KLA-Tencor with an Overweight Rating

According to Piper Jaffray, KLA-Tencor

coverage is initiated with an Overweight rating. Piper Jaffray said that it is initiating coverage on KLA-Tencor with an Overweight rating and a $50 PT based on 10x its CY12E EPS of $4.95 (consensus: $4.19). “Overweight rating and a price target of $50 based on 10x CY12E EPS of $4.95.” KLA-Tencor closed yesterday at $38.86.