KLA Corp. (KLAC): Solid quarter and guidance against accelerating industry trends, but mix continues to lag peers

研报英文原文证据摘录

KLA Corp. (KLAC): Solid quarter and guidance against accelerating industry trends, but mix continues to lag peers

Equity Research

28 July 2026 | 9:25PM EDT

KLA Corp. (KLAC): Solid quarter and guidance against accelerating

industry trends, but mix continues to lag peers

Key stock takeaways: We expect the stock to trade lower following a solid quarter, James Schneider, Ph.D.

+1(212)357-2929 |

with guidance that were consistent with Street numbers but below elevated investor jim.schneider@gs.com

Goldman Sachs & Co. LLC

expectations (per our conversations). We believe investor expectations were

Luya You

somewhat elevated heading into the print, with tailwinds to WFE trends and upside +1(212)902-5297 | luya.you@gs.com

in advanced node logic spending being partly offset by concerns around lower Goldman Sachs & Co. LLC

Anmol Makkarprocess-control intensity. Specifically, we believe the company’s preliminary outlook +1(212)357-1366 |

for mid-20% revenue growth in 2027 is likely to be viewed as disappointing relative anmol.makkar@gs.comGoldman Sachs & Co. LLC

to more bullish WFE expectations among investors. We continue to believe that KLA Khalil Fenina

is extremely well positioned with its best-in-class product portfolio and can gain +1(212)357-6392 | khalil.fenina@gs.com

share in the long term. However, we remain Neutral on KLAC as we favor companies Goldman Sachs & Co. LLC

with greater exposure to etch and deposition given the industry’s shift to greater

DRAM spending in the near term - and we see the stock’s valuation as relatively full

at current levels.

Read-through to our coverage: We expect a modestly negative reaction for AMAT

(Buy) and LRCX (Buy) in our coverage given their similar end-market exposure.