Citigroup Maintains Sell Rating, $30 PT On KLAC

Citigroup is maintaining its Sell rating and $30 PT on KLA Tencor Corporation KLAC. “With a strong FQ3 (Mar) already expected, we do not see a major move of the stock post earnings - if anything we would expect the stock to trade down on so/so order guidance,” Citigroup writes. “With dominant market share, KLAC is clearly one of the top beneficiaries from elevated logic/foundry capex in 2011, although its under-exposure in NAND is a clear negative moving beyond the very near-term.” KLA Tencor Corporation closed Tuesday at $43.67.