Process control and yield management solutions provider KLA-Tencor Corporation (KLAC) on Wednesday caught a big downgrade from analysts at JP Morgan.
The firm said it cut its rating on KLAC from “Neutral” to “Underweight” with a $42 price target, suggesting a 15% downside to the stock’s Tuesday closing price of $49.64. JP Morgan noted it expects KLAC’s business to slow during the second half of 2012.
KLA-Tencor shares, which have risen almost 3% year-to-date, were mostly flat in premarket trading Wednesday.
The Bottom Line
Shares of KLA-Tencor (KLAC) have a 2.82% dividend yield, based on last night’s closing stock price of $49.64. The stock has technical support in the $44-$45 price area. If the shares can firm up, we see overhead resistance around the $52-$55 price levels.
KLA-Tencor Corporation (KLAC) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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