KLA Corporation (KLAC)’s Shares Upgraded By Barclays

We recently published 13 Best Semiconductor Equipment Stocks to Buy According to Hedge Funds. KLA Corporation (NASDAQ:KLAC) is one of the stocks Jim Cramer recently discussed.

KLA Corporation (NASDAQ:KLAC) is one of the largest semiconductor equipment companies in the sector. Its products cover several areas of chip production, such as deposition, etching, inspection, and design solutions for the PCB market. The shares have gained more than 89% year-to-date.

During this time period, KLA Corporation (NASDAQ:KLAC) has experienced favorable and unfavorable attention from analysts. For instance, Barclays upgraded the stock to Overweight from Equalweight in late October and bumped the share price target to $1,200 from $700. A key role in the bank’s optimism was its belief that KLA Corporation (NASDAQ:KLAC)  was relatively insulated from a drop in Chinese revenues due to lower semiconductor capital equipment spending.

KLA Corporation (KLAC)'s Shares Upgraded By Barclays

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The upgrade from Barclays came a month after Morgan Stanley had downgraded the shares to Equalweight from Overweight and increased the share price target to $1,093 from $928. KLA Corporation (NASDAQ:KLAC)’s fiscal first-quarter earnings report, released in late October, saw the firm’s $8.81 in EPS and $3.21 billion in revenue beat analyst estimates of $8.60 and $3.17 billion.

While we acknowledge the risk and potential of KLAC as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than KLAC and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.