KLA Corporation (KLAC)’s Shares Upgraded By Barclays

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

KLA Corporation 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 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  was relatively insulated from a drop in Chinese revenues due to lower semiconductor capital equipment spending.

KLA Corporation (KLAC)'s Shares Upgraded By Barclays

Portogas D Ace/Shutterstock.com

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’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.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

This article is originally published at Insider Monkey.